ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Back in late May last year, there was a similar day like this one: market had been in free fall (down something like 7 percent over several days), and then one day early on it looked like there finally was going to be a rally, as price touched the previous day's high, and then in the last hour or two the rally totally fell apart. After hours the ES was down so far that it was something like 7-10 under fair value.
With that, the market had found a short-term bottom. There was a strong rebound, and then within several days, new lows.
Better yet, there was volatility, sweet, sweet volatility.
I would look at a minimum of 100 instances before putting any weight on something or I think its just gambling....
As I have been saying for quite awhile now.... this has a high probability of being the "big one" 20%+ Your views and trading plan should not change.... I am not saying that longs should not be taken just always keep your risk management in check and dont sway from your game plan at times like these.
Taking off for mexico tomorrow.... Looks like its going to be a crazy day... The last longs being taken out in a stretcher and finally switching to bear mode...A perfect setup for a short term bottom. If the market can get back above that 1458-1460 area you know they mean business. If it cant get back above it will be good ol Role Reversal..... the shoe could really drop straight down to 1425-1430.
Still short from 1540-1550( 2 pt stop max on each entry, scalp entry into a position trade) waiting for my 1425-1430 target to begin taking some more off.
Nice to see ya back mbusch.... I could use a lift down to mexico.....
looking for 1410 on cash..or 1414 on futures.
When, Spectre? 1414? "ultimately",
but today looks like a day ripe for a rebound. gap lower, see capitulation selling, wait for prices to break back above overhead resistances.
I'm looking at the overnight activity and I think it would be a gift for wanna be buyers to see ES retest 1447.75-1445. and then move back above 1453.25 (corrected, mistakenly had written 1553.25, oops) if that happens, I have to try the longside today (I'm a scalper). I don't know what will happen, but if overnight lows are broken on the downside, the worst, the absolute worst (unless there is a headline of undeniably disruptive preportions) the worst I see is a focus of fibs and pivot at 1431-1429.
but today looks like a day ripe for a rebound. gap lower, see capitulation selling, wait for prices to break back above overhead resistances.
I'm looking at the overnight activity and I think it would be a gift for wanna be buyers to see ES retest 1447.75-1445. and then move back above 1453.25 (corrected, mistakenly had written 1553.25, oops) if that happens, I have to try the longside today (I'm a scalper). I don't know what will happen, but if overnight lows are broken on the downside, the worst, the absolute worst (unless there is a headline of undeniably disruptive preportions) the worst I see is a focus of fibs and pivot at 1431-1429.
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