ES Journal Archive (2006 - 2008)

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Quote from sosa1974:

Romik,

Good read there, nice trade bro.
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Thanks, I'll post a chart later tonight of the price action that made me rethink that short
 
We just completed small histogram peak on the 12 minute chart--like I was discussing earlier. Stronger potential here for downside. Nothing is perfect of course--- In fact the RSI is not in sync with the histogram just now, so this would be lower probability. That's why you use stops.
 
It is my firm belief that the smart money trades at periods of low volatility and positions itself for moves as opposed to reacting to moves. This is the reasoning for me anyway as to why I prefer to trade on the shorter histograms--it is kind of the same theory as Bollinger Band tightening prior to a larger move. Granted, a large tall histogram can reverse itself into a big move, but I believe it is more rare. It usually takes the taller histogram time to settle down and get to a point where the direction becomes clearer and higher probability. Some of this flies in the face of Romik's WRB observation, but WRB has some good potential as well. I prefer a NRB to the WRB as long as the open is near one end and the close is near the other .
 
Quote from optioncoach:

I am getting rewarded for my patience on my short hopefully lol...
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I see downside (imagine The Sixth Sense here)--

Downside could be tomorrow--doesn't have to occur today -- Hourly charts are suggesting downside, but hourlies carry into the next day in my view.
 
Trend has been long since the opening, but it's a lousy market.


Trading is like fishing. You need lots of patience; some days you don't catch anything at all, but some days you catch a big fish.
But if you don't fish you cannot catch anything.
 
today has been ranging day after early strong move up .......otherwise up and down.....ranging.............and very tradable......very........
 
This was the market profile graphic of may 01 2006, see how well the support and resistancs held today.....starting from 1317.5 to 1319.5...amazing.....

may 01 2006
1307 V
1308 V
1308.3 VW
1308.5 VW
1308.8 UVWX
1309 VWXYZ[\
1309.3 UVXYZ\]^
1309.5 UVXY\]^
1309.8 UVX\]^
1310 UV
1310.3 U
1310.5 U
1310.8 U
1311.3 U
1311.5 T
1311.8 U
1312 TU
1312.3 T
1312.8 T
1313 T
1313.3 T
1313.5 T
1313.8 T
1314 T
1314.3 T
1314.5 T
1316.3 K
1316.5 L
1316.8 KL
1317 FGKL
1317.3 FGKL
1317.5 AFGKLT
1317.8 AFGHIJKLM
1318 AFGHIJKM
1318.3 ABEFGHIJKLMNOQ
1318.5 ABFGHIJMNOPQT
1318.8 BEFGIJNOPQRS
1319 DEGHIJOPQRS
1319.3 CDEIOPQRS
1319.5 CDEGIPQRS
1319.8 BDET
1320 DET
1320.3 BCD
1320.5 CD
1320.8 CD
1321 C
1321.3 CD
1321.5 CD
1321.8 CD
1322.3 D
 
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