ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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ES 240 tic.
Quote from JSSPMK:
1430? crawling backwards into the cave
Last night I said that this bear market rally would likely end in the 1420's. I still see that happening, but there will be some gyrations until then. Today is one. There will be more.
I know some might disagree with me here, but my experience is that bear market rallies do not come to a complete end until the coast looks clear. It takes time (several weeks, not several days) to totally fizzle out. That is why they are so treacherous even for good traders.
When it looks like the storm has ended, and the sun is shining, you walk out on the front porch only to get struck by a bolt of lightning. So goes the bear market rally.
I sold today's rally at 82 and sold a bunch of other stuff, but am looking for a long signal. I don't expect to find one until around 1310-1320, but I'll keep my eyes open.
Only positions in ES: short otm (were itm at the time) calls, long dotm calls.
Good trading to all.
You had a small stop and as Smilingsynic has put it as long as potential reward is greater than predetermined risk you will be OK in the longer term. As long as you have faith in method used and respect stops you ought to come out on top. I had a bad day not so long ago, everybody has them apart from Porgie and Storm
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