ES Journal Archive (2006 - 2008)

[vertigo3]

62.50 is now showing firm offer of 2400, right now, does not look like a spoof because price chips away at it by raising the offer but size in that layer remains.

possibility that price chews through this level, then jumps 5 points (or so), then roll over and if 62.50 undercut, train to palookaville boarding.

 

[smilingsynic]

Quote from smilingsynic:

When the market fails at R1, often S1 is in play.

Just a reminder...

 

[vertigo3]

smilingsynic,

where's your R1, I have 1257.25.

how would you define a failure at R1?

 

[Lawrence Chan]

RTH only R1 at 63.5

Very close to previous RTH high.

Edit: so far we have not seen a new high comparing to previous RTH high

 

[smilingsynic]

Quote from vertigo3:

smilingsynic,

where's your R1, I have 1257.25.

how would you define a failure at R1?

There are several layers of resistance in low 60's: rth open, overnight high, yesterday's high, today's R1 (based on 63, 41,53, h, l, c).

"Failure" is best left defined to the individual trader. One needs to have some objective criteria, so one can say, "If X happens, then there is failure." I consider price and volume, as well as 1-2-3's.

When it broke below the most recent swing low at 61, that to me was failure.

 

[gwac]

Daily Pivots for day following 17-Jul-2008
Classic Woodie Camarilla DeMark
R4 1326.50 1315.00 1267.25
R3 1301.50 1290.00 1260.38
R2 1276.50 1276.50 1258.08
R1 1265.00 1265.00 1255.79 1270.75
PP 1251.50 1251.50 1251.50 1254.38
S1 1240.00 1240.00 1251.21 1245.75
S2 1226.50 1226.50 1248.92
S3 1201.50 1215.00 1246.63
S4 1176.50 1190.00 1239.75

 

[vertigo3]

ooops, transcribed wrong number into my spread sheet.
:eek:

 

[smilingsynic]

Quote from smilingsynic:

There are several layers of resistance in low 60's: rth open, overnight high, yesterday's high, today's R1 (based on 63, 41,53, h, l, c).

"Failure" is best left defined to the individual trader. One needs to have some objective criteria, so one can say, "If X happens, then there is failure." I consider price and volume, as well as 1-2-3's.

When it broke below the most recent swing low at 61, that to me was failure.

OK, I had a limit sell order at 62 that was not quite touched.

Now what?

Do I chase it, or do I wait?

I'm letting it go, for two reasons: (1) it's almost noon, and I promised my wife that I would watch the kids from 12-2; and (2) chasing it would be sloppy. July has been my best month ever, and this week has been my best week ever, from a profit factor and a total profit perspective.

In the past, my worst trading has come right after a period of my best trading. Overconfidence breeds sloppy trading.
This market harshly penalizes sloppy, undisciplined trading.

 

[ammo]

i don't know if today will fall in line,but exp week is usually over on wed,thur and friday dies at noon

 

[Lawrence Chan]

NQ failed to take out the upside gap so far ...