ES Journal Archive (2006 - 2008)

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Remember this is option expiration week and bears have made money. If you've ever traded options then you should know that you have to take your profits. Unwinding hedges can lead to big gain.

I think the VIX has hit its high for the day unless there is some catclismic headline and I don't predict headlines.
 
If what I've described is going to play out, a move above 1392 with a drop in VIX under 35.34-35.46(corrected) could see 1405 print as bears scramble to cover.
This is my last comment for today
Best of luck trading.
 
Bought 139100; TP 140300; SL 138500

Edit: trade was legit, but ES moved 300 before my post hit. Unreal. ET servers are slower than a 8088 machine. It's too difficult to post in real-time. My last on this thread, good luck guys.
 
Quote from atticus:

Bought 139100; TP 140300; SL 138500

Edit: trade was legit, but ES moved 300 before my post hit. Unreal. ET servers are slower than a 8088 machine. It's too difficult to post in real-time. My last on this thread, good luck guys.
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Sorry to see you go. Enjoyed your posts and trading style. Believe me, you're not the only one who has problems with the ET server!

Catching up:

Shorted at 1395.75 at 1:43pm,
covered at 1388.50 at 1:48pm for +7.25.

Long at 1389.50 at 1:51pm,
sold (too early) at 1400.50 at 2:05pm for +11. (All times ET. All stops 6 ticks.)

Now flat.

Scalper's market. What did I tell you? :)
 
Quote from Spectre2007:

this type of price action is very rare, learn the tic action and general climate, of what everyone is going through. It will help immesnely in the future.
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Spectre2007,

Can you please describe the tic action you have been observing?
 
at the present moment, the market built up a reaction low at 1376, and the big whale sellers, covered in FX, and other macro markets, the path of least resistance is to the downside, with emotions building up and fear.

there is also risk, that the daily high gets breached secondary to upcoming HPQ earnings report. But easiest money maker is for the whales to sell it and test reaction low at 1376, and make decision to cover again or break new lows. Minimal energy is needed to the downside, since fear leads to buyers walking away.

edit: trendy broken.
 
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