ES Journal Archive (2006 - 2008)

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world markets shrugged the drop in us equities, I wouldn't short this market unless your offered a premium.

I see a buying tail forming, and we close positive and erase the losses by Fridays close.
 
At 0800 EDT, ES formed a very nice selling tail when it touched 1521.75 (one tick above Apex's resistance zone of 1519.50-1521.50). 15-min RSI was oversold. 15-min MACD turned postive the next bar, which was a strong confirmation bar on the 15-minute chart.

L 1523.25
PS 1521.25 (2 pts)
PT 1532.25 (9 pts)

Apologies to Apex for the wide stop; I'm sure he would frown on a 4.5-to-1 reward-risk ratio as being grossly inadequate. :)
 
Quote from elovemer:

by rule of ten do you mean we might be undoing the 30 pnt move up from before ?
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Not Vol here, but ES declined 10 pts between 0400 EDT and 0800 EDT. Rule-of-10 suggests that after a monotonic 10-point move, the ES usually retraces.
 
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