ES Journal Archive (2006 - 2008)

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Salvia I was looking at the same trendline along with intraday fibs. Im Short 56.25, in a little to soon but as you said, as long as resistance holds should be good. Though the longer it takes to come in, the lower the probability of it happening.
 
Quote from saliva:

It's just a simple intraday trendline. See the attachment.
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Hey you know, this post reminds of the guy who was playing with the venomous coral snake and brought it back to camp to show his counselors.

When they saw it they told him to let it go back into the forest, when he said "I thought it was a kingsnake, how could you tell the difference?"

They said, "You can tell by the colors, red next to yellow, is a coral snake, red next to black is the nonvenomous kingsnake (it's a form of defense for the normally docile snake).

Moral of the story: The information is in the details.

The chart isn't showing a downtrend, it's showing a retracement of the uptrend about to make higher highs.
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Long at 1556.25, stop @ 1552.25, but will close the position based on a change in information the market is showing me, not the hard stop.

Good trading,

JJ
 
Quote from JimmyJam:

HThe chart isn't showing a downtrend, it's showing a retracement of the uptrend about to make higher highs.
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As you know JJ, a statement like that is meaningless unless it's referenced to a specific timeframe. An uptrend starting when? About to make higher highs how soon?

The trend yesterday was up. The trend today is indeterminate (sideways). The trend from the date of the Fed announcement to the present is up, but by my reckoning in the fifth wave of a fifth wave so a bit long in the tooth. In my opinion, the final high of this uptrend (dating from the Fed cut) could be anywhere above 1552 (the prior swing high), which makes it tricky to trade with confidence.

B1S2 apparently sees a longer-term uptrend that promises much higher highs. I don't see that yet, but I'll keep looking.

P.S. While typing this, I exited my short (which didn't work, either) and am flat. Today was one for the broker's benefit, not mine.
 
Quote from sun170:

Salvia, stick with your stops. If your stop includes a time factor then honor it.
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That's a very salient point. If my price target isn't met within an hour or less, I would usually bail out without giving another thought.
 
Quote from mbusch:

As you know JJ, a statement like that is meaningless unless it's referenced to a specific timeframe. An uptrend starting when? About to make higher highs how soon?
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Good point.

An uptrend which was established yesterday.

The HL was made previously, and what the chart was showing was that price action had found support and was about to break to the upside.

End result of trade: position closed @ 1557.75, for a profit of 1.5pts (position entered @ 1556.25) - would have liked more, but for that, I needed more time.

Good trading to all,

Jimmy Jam
 
mbusch.... i follow Elliott waves too but find it difficult to pin down
.... i am keeping my eyes on the AT highs.....
.... and the weekly chart....
... will be watching to see if there is divergence at that level....
....until then trend seems to be ..... up ...consolidation ... repeat....
.... along TL from 1453
Quote from mbusch:

by my reckoning in the fifth wave of a fifth wave so a bit long in the tooth.
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