ES Journal Archive (2006 - 2008)

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Quote from romik:

Well, the gap's been closed and I still see an upward direction at the moment, had to adjust my position accordingly as I use 2 point stop on the primary system's trades. There is a white hammer line @ 9.57am on 3 minute chart, though the T&S is not looking great.
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Scaling in now
 
Well we ran to 1298.25 and bounced right off. I was reading another message in another thread and missed the SHORT at 1298 for a quick scalp :(....

oh well...hindsight..

Quote from optioncoach:

Just poked above 1294.50 on nice spike..... for now looks like 1294.50 is the new low support with 1296 the current support/resistance line it is dancing around for now as it was yesterday's close. Perhaps the channel has moved higher to 1294.50/1296.

1298.25 is yesterday's high and strength will show if we can hit it.
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Very very clear bearish divergence on the 3 minute chart here with RSI and histogram. This SUGGESTS a short term top today. As you know technicals on the shorter term charts are not as valid-- the 12 and 60 are still bullish charts.
 
I know we talked about this already, but it seems to me that we keep closing all mini gaps in the cash index with pristine precision, once we've done that, we revert to the direction of the trend.

EDIT: Probable upward from 1297.25
 
Quote from Buy1Sell2:

Very very clear bearish divergence on the 3 minute chart here with RSI and histogram. This SUGGESTS a short term top today. As you know technicals on the shorter term charts are not as valid-- the 12 and 60 are still bullish charts.
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now the 12 minute chart exhibits a bearish divergence with RSI and histogram, albeit a class B variety.
 
what is seen here is enormous bits of information injected into the decision making process....and almost all of it irrelevant info and guessing...........all leading to one single event........trade entry.........buy or sell....the best system in my opinion is one that tells me what to do without a trader decision other than to recognize the system signal and then pull the trigger..........to do that you are better se rved by longer term charts than 5 min........ ........by the time you get there the fear is built to an almost unbearable level, as u think about the greater chance of failure than success.........so as douglas says" the fear of loss actually creates the loss".........for instance, when you hesitate after seeing the beautiful sell high system signal and you piddle wit h ti an sell low foiling your risk reward ratio which should be 1 risk to 3 reward ........
 
Porgie, just wanted to mention that what I am doing here is recording the thought process. This way, I or others, can go back and review. I have no trades today--jut holding positional short
 
sorry b1b2,

I was out of line.....just my nature to try to help the ones especially the ones that i like....and i like these guys/gals? here........no personal attacks or profanity directed at porgie.....
 
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