ES Journal Archive (2006 - 2008)

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tough trading today... most intraday drawdown in a month or 2.... Could possibly be profitable on the day if we have good afternoon session.
 
Still in a downward-drifting congestion pattern that looks bull-flaggish to me. I expect this to continue for awhile, as I'm not yet seeing bullish divergence on any of the timeframes shorter than hourly.

I'm on the lookout for a possible upside breakout later in the session with a strong close, setting the stage for a good short entry. I'd love to see 1480 late in the day.
 
Quote from mbusch:

I'm on the lookout for a possible upside breakout later in the session with a strong close, setting the stage for a good short entry. I'd love to see 1480 late in the day.
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This seems too soon for a big breakout, but they're obviously trying hard to make a new HOD and run some buy stops.

EDIT: Damn if they didn't actually do it!
 
Retesting yesterday's HOD here.

Prior swing high 1476.50.

Measured move target 1483.25.

Upper price channel trendline ~1480.

Nice confluence for a short entry.
 
Quote from smilingsynic:

The best countertrend position trading system I have ever written for the S&P is not flashing a buy signal, but there will be limit orders placed at the appropriate levels. A related system IS flashing buy signals for the NQ--in at 1985
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2/3 position taken off at 2049.25, for 64.25 NQ points a contract
 
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