ES Journal Archive (2006 - 2008)

[Lawrence Chan]

The 90% bias finally fulfilled.

 

[vertigo3]

good call JSSPMK

now just imagine that I have included your black&white audience applauding.

 

[Chuck Krug]

Quote from Chuck Krug:

/b ZB 113'255 stop 113 205/32

/moves stop to breakeven

 

[OldTrader]

Quote from OldTrader:

I sold some ES at 1371.00. Stop at 1383.00.

OldTrader

OK, I closed out half my position at 1358.75 for about 12 points. Holding the other half for now.

OldTrader

 

[jagmot]

Quote from OldTrader:

OK, I closed out half my position at 1358.75 for about 12 points. Holding the other half for now.

OldTrader

Great trade! I wasn't prepared to have a stop this size so I was hoping that we could move into the 1370s. Turns out you never even took any heat on the trade

 

[JSSPMK]

Quote from vertigo3:

good call JSSPMK

now just imagine that I have included your black&white audience applauding.

I can e-mail it to you TY! Others did well so far on short side also, WTG Oldie & Chuck! Well, not so much Chuck as yet, entry was wicked though

1/3's 50% covered +7.75 off 1

 

[smilingsynic]

Quote from vertigo3:

smiling,
does the magnet ever break (the opening price magnet)?
I'm serious.
anything worth watching to offer a clue as to whether price might break and drop.

Yes, it will break sometimes. After it does, what once was support will become resistance.

Draw a line on the screen through the opening price (stocks and futures), and watch what happens when price gets near the line.

On choppy days, it serves as a target to exit after buying dips (when price gets too far from the open) and selling rallies (when price gets too far from the open on the upside).

On trend days, the market will tend to move in one direction early on, and then test the open. If the open holds, prepare to enter in the initial direction. Stop goes on the other side of the open.

There is no sure thing in the markets, as we all know, but imo the open is still the most important chart-based "indicator".

 

[OldTrader]

Quote from jagmot:

Great trade! I wasn't prepared to have a stop this size so I was hoping that we could move into the 1370s. Turns out you never even took any heat on the trade

Thanks. And believe me, not taking any heat is not normal for me. LOL! No one was more suprised about that than me. Although that area above 1370 looks to be pretty substantial resistance for now.

OldTrader

 

[Chuck Krug]

Quote from JSSPMK:

I can e-mail it to you TY! Others did well so far on short side also, WTG Oldie & Chuck! Well, not so much Chuck as yet, entry was wicked though

1/3's 50% covered +7.75 off 1

thanks, i'll try to ride this a bit longer

 

[vertigo3]

Smiling,
thanks for the explanations.

I personally look at performance of NDX (sometimes ER2) relative to the ES as a mental filter as to whether I should have more confidence in shorts or longs (NDX outperforming on upside, focus on long trades and vice versa).

NDX vs ES & ES opening price reactions. Today, NDX was outpeforming on the downside, open for ES finally broke down. Something I'll watch for the future (to see if NDX performance in anyway predictive of ES break.