ES Journal Archive (2006 - 2008)

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Quote from volente_00:

39 49


man i love this
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Actually, this is where I see problems with the rule:

1. The overnight low was 37, but the daytime low was 38.50. Which low does one choose?

2. There is that gap from overnight that is just sitting up there, waiting to be filled, at 51.25. If one shorts at 47 (10 from 37) and has a 2-3 point stop, the gap gets filled and the trader gets stopped out. If one shorts at 49 with a 2 point stop, then the trader gets stopped out; if one uses a 3 point stop, well, who knows?

As I said before, the rule is a good rule of thumb, but trading cannot be boiled down to one rule. There are MANY potential places the market can go.
 
Quote from smilingsynic:

Actually, this is where I see problems with the rule:

1. The overnight low was 37, but the daytime low was 38.50. Which low does one choose?

2. There is that gap from overnight that is just sitting up there, waiting to be filled, at 51.25. If one shorts at 47 (10 from 37) and has a 2-3 point stop, the gap gets filled and the trader gets stopped out. If one shorts at 49 with a 2 point stop, then the trader gets stopped out; if one uses a 3 point stop, well, who knows?

As I said before, the rule is a good rule of thumb, but trading cannot be boiled down to one rule. There are MANY potential places the market can go.
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I use the whole range including ah.

Also the rule can be applied to cash hours such as this morning
10 points from the previous reisstance or support

previous support was 38.5





r of 10 is 48.5 to 49


the 37 low was good for a 10 point bounce as well



I combined the 49 short with a 10:30 reversal trade this morning


I am out of half at 43.5 just now and the rest is break even now.



If this h and s come thru

http://finance.yahoo.com/q/bc?s=^GSPC&t=1d

then maybe we get back to 37, or it at least 39


but til then I gotta ring what I have and let the rest ride.
 
Long from 1340.5 off 30.15.10.5.3.2.1 :)

Unconvincing p/a so far since entry, looks like will get stopped out

30m histo pattern is one of the best, maybe it's just a matter of waiting for buyers to come in

Scaled out +2.5

Would be nice to get 1353 off 30m D's average range
 
ascending triangle formation today with dvol slowly rising against uvol makes one suspicious of downside break,support around 1316, and 12193 on dow cash
 
Hourly chart now almost caught up with lower frames' bullishness, ImO maybe we will even see 1370+ close, wishful thinking :)

1 pointing to a bounce off TL here, staying long 1/3 off longer term charts

No, I am not Storm, LOL
 
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