1/3 more taken off at 79; for the rest, the stop is 59.
ES Journal Archive (2006 - 2008)
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1/3 more taken off at 79; for the rest, the stop is 59.
Why 79? First, it is right by R2. A strong day followed by a touch of R2 = short-term overbought, imo.
Second, while the ES was making new highs, the financials were struggling, comparatively.
I still say 1320 by Labor Day, but taking profits on strength with the intention of reentering on a pullback, to me, is a sound approach to limit risk and maximize reward.
Thanks.
80-82 sell zone for down trend continuation.
80-82 is potential resistance.
floor trader pivots: 1280.25= RTH R2 for today.
for people who don't care about floor trader pivots,
1.618 extension is 1279.25 (look at the formulas for pivots versus fibs, virtually the same calculations 1.618 extension = R2)
for people who think pivots and fibs are random and meaningless, look at the chart.
floor trader pivots: 1280.25= RTH R2 for today.
for people who don't care about floor trader pivots,
1.618 extension is 1279.25 (look at the formulas for pivots versus fibs, virtually the same calculations 1.618 extension = R2)
for people who think pivots and fibs are random and meaningless, look at the chart.
You are not even long, so how would you know what the correct stop is?
There is no such thing as the "correct stop". When considering stop placement, one must consider several things: what is one's risk tolerance, and how long one intends on being in the trade, to name a few.
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