ES Journal Archive (2006 - 2008)

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Finally a short that Feels Good.

In fact I will go out on a limb and say tomorrow reversal. Down double digits as they distribute in a big way.

Won't be seeing '60 for a while. Should be good for a swing.

(Please note I was bullish from open of last week from 1518 - '20, when there were a few screaming bear. Now Pullback Time.)
 
ELO,

Very Short frame. Volume almost fit the inverse of saucer (prefer rounded top). Top concave (price), volume convex at the same time is the model. On an even shorter frame is another, the one I was eyeing. After a big run, the rounded top, gradual highs into gradual lows.

Typically rounded top/bottom is a great pattern on a BIG frame, but I think these patterns can have resonance on very small frames - in this case only on a big extension day up/down.

(Do you have an arc tool on your charts?)
 
That run felt like it was all fut/index driven. Lots of short covering IMO.

Still a tiny run up to July highs and then wouldn't be surprised to see a dip back to support.
 
Traders keep calling tops and I still don't see any "naked ladies".

In the meantime the shorts are just getting squeezed without compassion.

The time to go short is when a swing low is made at the top not because resistance was met or even worse, broken.

Until then it's just a foolish prediction but then again most predictions are foolish to begin with right?

React don't act.

Anek
 
Cutten:

Quote from Cutten:

09-28-07 12:54 AM

My working hypothesis is that we are in a large trading range from 1370ish to the all-time (nominal) highs. I suspect we might get a fake breakout above the highs, just enough to get shorts to cover, sidelines ppl to pile in, and bulls to get overconfident. At that point I would buy some puts, and as soon as the market reverses back below 1550ish I would go short with a close stop. First target would be a bit below 1500.
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Further to Monday's US stockmarket price action, do you still hold the same view?

Thanks.
 
Quote from kinggyppo:

Good tape so far. Buy1Sell2 you added to your position the other day, when the GDP number came out, was that part of your decision making process?
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No. In fact, I was unaware that there had been a GDP report until you mentioned it in your posting. I only follow the charts and trade in the direction of the trend as I see it. :)
 
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