ES Journal Archive (2006 - 2008)

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Nice descending price channel here about 4 points wide since about 11am. Presently from 1523 to 1527, descending slowly.

at 12:43 L 1523.75 with 1-point stop
at 13:08 closed out at 1526.50 for +2.75

at 13:12 S 1526.75 with 1-point stop
target 1523.75 for +3
 

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In bull markets, in general, lows are made first, within the first hour, and then price auctions up the rest of the day. In bear markets, in general, highs are made first, within the first hour, and then price auctions down the rest of the day.

During the last week or two I have seen more of the latter and less of the former. The high made early in the day has not been taken out yet. High TICK readings are followed immediately by much lower readings.

Distribution.
 
Quote from mbusch:

at 13:12 S 1526.75 with 1-point stop
target 1523.75 for +3
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Stopped out for -1.

Back to Plan A.
S 1529.50 with 1-point stop
Target1 1515 for +14.5
Target2 1505 for +24.5

If stopped out, will look to re-enter short around 1540.
 
Quote from saxon22:

short at 1529 8 cars. Let's see if this is going to work.
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Short 1529.50, TP 1524.25. SL 1531.50.

I am still long term bullish but short here risk/reward is excellent.
 
I'm short with you guys here. I patiently waited for this zone haha... Short at 1529.50 w/ stop at 1530.50. Beautiful selling tail w/ very high volume on that high bar aswell.
 
Quote from mbusch:

Stopped out for -1.

Back to Plan A.
S 1529.50 with 1-point stop
Target1 1515 for +14.5
Target2 1505 for +24.5

If stopped out, will look to re-enter short around 1540.
More...
So far, HOD is 1530.25, one tick below my stop, and exactly the same (to the tick) as the HOD of 6/29.

If HOD is violated, next resistance is 1540 area.
 
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