ES Journal Archive (2006 - 2008)

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ES closing up 19 points....

The reason why I was bullish this morning is that yesterday was a buy signal on the daily chart, when we had a white candle after touching the Bollinger band a day earlier. We had a similar one 3 days earlier that didn't play out and each consequtive similar signal has a better chance to be a valid signal...
 
06-13-08 02:15 PM



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Quote from Buy1Sell2:

I believe the move into the closing will be very very strong
I'm not in yet.
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Long 3 SEP contracts from 1354.50
Initial stop 1346.50



out 1362.50
 
Quote from jagmot:

Posting a longer term trade for the benefit of all.
Long ES (Sept) 1342, 2 contracts
Stop at 1319
First target 1369
Trailing stop assuming we hit the first target for possible retest of 1410
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Stop raised to 1330.
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Exit First target 1362.50.
Stop remains at 1330 for 1 contract.

I was expecting this trade to take longer. If we get some retracement next week, I will be looking to add back the 1 contract.

Good trading all, see you next week
Jag

Edit: exited 1 contract earlier than my original target because I saw RSI on 30m and 60m charts look to be putting in a top. RSI on the 120m and 240m still very bullish, Daily neutral
 
Quote from Pekelo:

ES closing up 19 points....

The reason why I was bullish this morning is that yesterday was a buy signal on the daily chart, when we had a white candle after touching the Bollinger band a day earlier. We had a similar one 3 days earlier that didn't play out and each consequtive similar signal has a better chance to be a valid signal...
More...

Interesting, thanks for the info. I don't have Bollingers up on my charting but I will take a look over the weekend. I was bullish today due to the 240m RSI bottom and Daily looked like a bottom as well (now confirmed with todays action obviously)
 
Quote from fearless9:

Quote from rc5781:

My best guess for a buy is the 1340 area. Anyone else looking to buy here? or earlier?

Quote from Volente_00:

the magnet is 134 area for now

Vol,
What can you see at the 1340 level.

regards
f9
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Buyers


:p
 
Quote from Buy1Sell2:

I think that you are most likely buying short term highs which requires one of two things

1. Close stops and a lot of stop outs and persistence
2. Large stops and a lot of patience
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ImPO if you are talking about intraday tops, then I would scrap your second point, it's more appropriate to longer term trades. I know that -2 x 5 is same as -10 x 1 (Gross), but if you sell what you believe to be an intraday top & it turns out to be the middle or even closer to the LOD, then you ain't going to get far by using large stops as intraday average oscillations are not as rewarding as longer term ones. I believe it's better to sell with small stops & keep selling higher (as long as there is a valid set-up present) :) If you happen to be right eventually you will get it at a much more favourable price. It is a lot easier psychologically to react to 5 consecutive losses by knowing beforehand that drawdowns are inevitable events in trading & in light of the latter reducing risk by 5 per trade basis. Every time I open a trade I expect multiple stop outs, by being ready for that both psychologically & risk wise I don't normally suffer from irrational decision making or revenge trading.
 
Quote from Pekelo:

So far, so good (ES up 16 pts). By the way, what was JSSPMK's and Chan's negative expectation based on? My positive expectation for Friday was based on the cat licking herself from bottom to top...
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The expectation was that 1340 area should be tested and if that holds, no sell off. I remember posted that on friday morning too.

The initial sell-off from the morning gap up never produced the chance for 1340 to be tested during RTH ...

Maybe everyone is looking for the same thing, thus the earlier than normal release of the 10:00 number? :)

Was not there in the afternoon cannot comment on that.
 
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