ES Journal Archive (2006 - 2008)

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the trend is your friend.......can it be that simple? yes..not only can it is................go with the flow, not against it.....if you are going to hop a freight train will you run the same direction train is moving or will you do opposite.........opposite is not good answer.........what counter trend trading results in is low percentage trading......emotional recipe for disaster.........
 
i am still on the long side here, though the up trend ain't strong and there is that gap on the open, last 15 min candle has not closed below the low, not a bad sign for trend continuation. good luck
 
Quote from optioncoach:

Short at 1316.75...
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I believe that there is some merit in this short, but it doesn't have the double top or divergence that make it a higher probability to me. However, if I recall OC, you are looking for a couple of points at a time? Is that right? In that instance, you may not need the clear cut reversal signals that I may be looking for in trying to catch a larger move. Obviously, I am no longer using the 3 minute chart.
 
Quote from porgie:

the trend is your friend.......can it be that simple? yes..not only can it is................go with the flow, not against it.....if you are going to hop a freight train will you run the same direction train is moving or will you do opposite.........opposite is not good answer.........what counter trend trading results in is low percentage trading......emotional recipe for disaster.........
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Good points, but I do ride the trend once I find the reversal.
 
Quote from BoyBrutus:

Bullish divergences here OC. Oil is dropping, we may see 12.30 highs.
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What time frame and indicator are you seeing the bullish divergence? Thanks, B1S2
 
1 and 5 minute charts turned negative and it broke away from 17.50 but right after the short it has been hovering around there pretty tight. I have a stop above 1318 so I am going to let it run a little bit longer. I think these rallies are overdone given Fed meeting next week and fact that data still showed prices moving higher. Bonds dropped on the news looking to higher rates as 10 year is back to 5.15%. But today's strenght may just keep it going higher so I may have to get out soon..
 
Quote from Buy1Sell2:

Typically I look for a pullback and a bounce and then the reversal pattern starts to take shape. So far, we have just had the slight pullback. Pattern needs more time I think .
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I would also like to add here, that I really prefer to a small height histogram before taking a trade. Right now, this pullback features a tall histogram peak--I would like to see a slight bounce and then the small histogram peak. By the way, one small histogram peak or trough by itself is enough as well.

If anyone is interested, head over to the TYM6 chart and note the small histogram trough on the 12 minute chart. That is the type of thing I am talking about here. That to me is a short term bullish chart. It also features the now famous higher successive RSI trough that I have been mentioning.
 
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