ES Journal Archive (2006 - 2008)

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Quote from romik:

have a look at 60 min chart and try to answer that question, it's been mentioned before in the journal. One thing to mention here, if that level falls...that daily BLD might not work out B1, what are your thoughts?
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Well, divergences don't always work--however mostly they do. The area that I would worry about is the 1229 low. Now, this may be an adverse move too great to handle for all and I think that is why a lot of people trade shorter frames than I do. If not overextended, a person could be in and not worry too much and that is the one of the main keys to successful trading. Of course, there are other valid reasons that folks trade shorter frames, but this indeed is one of them. The feeling is that the trade can be controlled better. Most likely we would get a downside daily signal prior to 1229, but that is the area to watch longer term in my view. As for whether 1251 holds, there is plenty of room between 1251 and 1229 to gather up longs --and bulls. In addition, a breach of 1229 might lend itself well to the ole triple BLD.
 
The tail outside the lower Bollinger Band at 12:35 EST(5 minute chart) --including the 1251.25 low in that bar is a very enticing long entry.---(if trading 5 minute chart)
 
Quote from MONACO11:

Well, my take on the "Area 51" is that is we break hard down below this area...we in big trouble... (1251 that is)...

I am not sure of the next area of support but its a ways away..

Monaco
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Good Point...

When we were at the Daily down pennant line (around 1263) the upvolume on the SP500 was non-existant... only wisps of vapors of up volume...

cj...

:(

_________________
HAVE STOP - WILL TRADE

If You Have The Vision We Have The Code
 
And right now the upVol - dnVol on the SP500 index itself is -600 million versus only -365 million on the whole NYSE...

tough row to hoe...

cj...

:(

__________________
HAVE STOP - WILL TRADE

If You Have The Vision We Have The Code
 
Quote from 4re:

Romik,
We will have to see which is stronger new resistance or the support at 1251. It could be interesting.

4re
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yes, my money is on 1251 :) still waiting on 30min bar to close above lower BB level.
 
A worrying factor right now is the the put-call ratio did not see much change in the ratio in this drop. People were still buying calls all the way down.
 
Quote from romik:

yes, my money is on 1251 :) still waiting on 30min bar to close above lower BB level.
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Looks like new resistance is the weaker of the two.

B1S1, you are right about the needle popping down through the Bollinger band. If it wasn't lunch time it probably would have made a nice long.

Ya'll have a good day, I am done...
 
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