ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
I would have liked to add @ 1300-1310 and watch the 1320 real close, if ES breaks 1320 I might have to pull the plug, it also very much depends on the performance of my short-term trading in the mean time, offsetting possible unrealised losses in the positional trade. It also depends on the formation in the HIST on daily, if that fails I'll take the loss on the chin, have a round of JD and will have to move on basically.
Well, you are going shorter and I am going longer TF, so I would say this - after the hammer on daily yesterday I will not be surprised to see 1300 re-tested, but 1262.50 is an important support level to watch here as I've mentioned earlier. Either way is fine by me at the moment, here is an answer for ya
If I had to decide on which one, then I would say bounce.
Quote from Buy1Sell2:
OK, let's hear some opinions-- I am short on the hourly chart-- The 5 minute is bouncing--Is the 5 minute a bounce or a reversal--It does feature "The Grail"
I have a long bias to least close the gap open. Although another test of the lows may happen here.
The open, volume and tape didn't indicate a strong sell bias so I didn't suspect a down trend day.
10.12 was a reversal point for me. Did you see anything to pare out some there? So at that point I expect a typical bounce in the ES - What is typical? range? time and Volume? At 10.40. I wait for the market to make up its mind going from a channel up to a sideways range. which is good for scalps.
Last, Im looking for a late afternoon sell on Fridays which has been typical lately.
Right now, it just looks like one of those slow steady leaks lower. I'll need to see something on the 60 minute to reverse my position. I have committed myself to not trading on the frames less than 60 in general. This should save on slippage and whipsawing. Keep in mind though, that if I see something very very obvious on a 3 or 5 etc., I will take it. Most of the time , the 60 should suffice.
- Status