ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from JSSPMK:
ImO you have to trust price action more than your bias. I looked at 4 hour FDAX yesterday with a bearish bias, but there was no selling this morning, hence bias has to go on hold and right now ImO p/a is pre-bullish, that's just my opinion
It's a fine opinion. I'll counter your opinion with a theory. If it can't go up, it will go down. All morning, it's "tried" to go up. Day's not over yet, but I'd say if we don't see some upside gas soon...
Heres a nice quote from gladiator to pass the time: 
Falco: I have been told of a certain sea snake which has a very unusual method of attracting its prey. It will lie at the bottom of the ocean as if wounded. Then its enemies will approach, and yet it will lie quite still. And then its enemies will take little bites of it, and yet it remains still.
Commodus: So, we will lie still, and let our enemies come to us and nibble.
Falco: I have been told of a certain sea snake which has a very unusual method of attracting its prey. It will lie at the bottom of the ocean as if wounded. Then its enemies will approach, and yet it will lie quite still. And then its enemies will take little bites of it, and yet it remains still.
Commodus: So, we will lie still, and let our enemies come to us and nibble.
But it's been going up all morning, no? You know I don't even see 60 minute chart as divergence, looks the part lowering histogram, but price seems to negate the indicator by making a retracement right back and sharpish upside to follow. So I am just as confused as you are right now, though 5-10 minute charts point to a flag breakout to upside, staying long FDAX for now & whilst holding on to my balls
Crude, wow!
I closed my long, possible 3 lower on 10 minute chart
Quote from JSSPMK:
But it's been going up all morning, no? You know I don't even see 60 minute chart as divergence, looks the part lowering histogram, but price seems to negate the indicator by making a retracement right back and sharpish upside to follow. So I am just as confused as you are right now, though 5-10 minute charts point to a flag breakout to upside, staying long FDAX for now & whilst holding on to my balls
Crude, wow!
I closed my long, possible 3 lower on 10 minute chart
This is looking heavier and heavier...but what does "heavier" mean? Perhaps this just isn't my day
The bankers are positive, the indice are positive, the trin is positive and the vxo is neutral.
Price action continues to grind upwards, delivering at least three good buy opportunities just this afternoon across all of the financials.
In the time the Shorts have spent hoping their ship comes in, the Longs have had numerous opportunites to more than fill their water bucket and move on to the next day of trading.
Good trading,
Jimmy J
P.S. This isn't a sideways day, by-the-way.
Everything is pointing upwards, and a decent Short has never materialized ...
There was substantially greater probability of success taking the Long trades rather than trying to go Short.
Price action continues to grind upwards, delivering at least three good buy opportunities just this afternoon across all of the financials.
In the time the Shorts have spent hoping their ship comes in, the Longs have had numerous opportunites to more than fill their water bucket and move on to the next day of trading.
Good trading,
Jimmy J
P.S. This isn't a sideways day, by-the-way.
Everything is pointing upwards, and a decent Short has never materialized ...
There was substantially greater probability of success taking the Long trades rather than trying to go Short.
Very well said JJ, I'm impressed (as if that means anything).
It ain't heavy, it's a mania!! For those interested, in this months SFO magazine there is an amusing article on manias. Mania's present opportunities of a lifetime. And provide a great deal of reward until then!
Good trading to all
Osorico
EDIT: on an INTRADAY basis, I just put on a 1 ES short @1586.25... stop @87.75. Not expecting the end of the mania, just a trade, 81.50 target. Out by end of day either way.
Quote from osorico:
Very well said JJ, I'm impressed (as if that means anything).
It ain't heavy, it's a mania!! For those interested, in this months SFO magazine there is an amusing article on manias. Mania's present opportunities of a lifetime. And provide a great deal of reward until then!
Good trading to all
Osorico
EDIT: on an INTRADAY basis, I just put on a 1 ES short @1586.25... stop @87.75. Not expecting the end of the mania, just a trade, 81.50 target. Out by end of day either way.
How did you come to pick 81.50 as your target? Seems like a bit of support to plow through to get there, at least today...
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