ES Journal Archive (2006 - 2008)

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Ok guys, here's the deal. We did not hit my profit target of at least 10 points, so I'm still short here and giving it back. Reminder--I only have one unit on right now, so it's easier to sit tight and hopefully I'll catch a bigger one. Who knows, this may be end up being a bigger one. As I've said before, I actually enjoy getting stopped out, because it gets me to a place where I can add to the position size.
 
Enjoy is probably too strong a word. What I mean is that I embrace getting stopped out as part of the strategy. At the moment though, I have not been stopped out.
 
Quote from romik:

OK, I would like to know who is seeing what right now?
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I am just holding here and waiting for the next hourly bar or two. I would say, a quick look at the 3 and the 5 is showing the signs of downside reversal, however the histogram is too tall right now for me. I would wait until a 3rd lower RSI peak comes in from the double top RSI that is there now and then downside could be traded. That is, if you are using these short term charts.
 
If this hourly bar ends where it is now ie second lower RSI peak and lower histogram and bar closes near the bottom, I will then add to my short position as if it was a brand new position.
 
Quote from Buy1Sell2:

Ok, there's the third lower RSI peak on the 5. Downside could be traded now--with a stop of course.
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Any short termers make anything off of this. Looks like initially a couple of points could have been gleaned.
 
Quote from Buy1Sell2:

If this hourly bar ends where it is now ie second lower RSI peak and lower histogram and bar closes near the bottom, I will then add to my short position as if it was a brand new position.
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Added second unit short at 1297.25. Let's see if we can get this to a losing trade sometime today--just kidding.
 
Quote from Buy1Sell2:

Any short termers make anything off of this. Looks like initially a couple of points could have been gleaned.
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No the move did stun me a little and 3/4 point loss on an entry at 1299.75. I was tempted by the peak you mention, but hesitated.

I realised though that I can visually see a triple divergence and use this for further support on an entry. To know what other traders are seeing and doing on different time frames is a definite advantage, Thanks

Edit: to me the trend still seems long. There was no reversal preak on that move up.
 
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