ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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I went long 2 at 1247.50 at the close. Put a stop in just below the days low (about 2 points). Looking for some pullback and the fact I expect we are pricing in a lot of the expectations of the data this week. If I can grab a few handles on overnight buying nad pre-news support I will take it 
Quote from optioncoach:
I went long 2 at 1247.50 at the close. Put a stop in just below the days low (about 2 points). Looking for some pullback and the fact I expect we are pricing in a lot of the expectations of the data this week. If I can grab a few handles on overnight buying nad pre-news support I will take it
Hello OC!
Did you use any TAs for this long? I hope you get a winner there.
At the end of the day I saw some minor candle reversals and overbought on Stochs and RSI which I am expecting to carry through a bit overnight into the morning. Also we got close to the ES/SPX lows of Thursday lows and stopped so I am looking for some support off those lows initially and a small bounce.
I am looking to grab some handles into the morning, not expecting a true bullish day tomorrow given inflation numbers are being released. However if we do have a few points of rise overnight into the morning I will raise my stops and let it run if we move higher. If we do not get much movement I still have my stop in place, currently at 1245.50 which is a tick below THU's low for the day. If we are to have a move higher in the morning at all we should not break yesterday's lows.
I see it as a low risk trade with the stop loss but if the follow I expect occurs we could see 3 to 4 points into the pre-market tomorrow.
I am looking to grab some handles into the morning, not expecting a true bullish day tomorrow given inflation numbers are being released. However if we do have a few points of rise overnight into the morning I will raise my stops and let it run if we move higher. If we do not get much movement I still have my stop in place, currently at 1245.50 which is a tick below THU's low for the day. If we are to have a move higher in the morning at all we should not break yesterday's lows.
I see it as a low risk trade with the stop loss but if the follow I expect occurs we could see 3 to 4 points into the pre-market tomorrow.
yes--the weekly still looks bearish and has for quite some time. My long bias in the short term account is taking a while to pan out though and I guess portfoliowise , all I have done so far is take profits on the shorts, by going long in the short term account. I will be looking for new long entries as I still we have potential for a decent bounce and then I'll get short in the short term account as well.
I will hold this stop overnight because I do not feel like watching throughout the night . I also placed the stop a tick below the absolute low so if we hit that, then we are most likely gonna be moving lower and I would rather be stopped out anyway. Otherwsie I will look in tonight around 10 or 11 PM. If we have moved higher I will raise the stop. If not I will leave it in place. For 2 contracts I am not worried if my stop gets hit, but I am looking for a bounce and hopefully tamer or flat inflation numbers which give us a mini rally.
I will get out then since I expect the mini rally to fizzle and fade and drop LOL..
. I also placed the stop a tick below the absolute low so if we hit that, then we are most likely gonna be moving lower and I would rather be stopped out anyway. Otherwsie I will look in tonight around 10 or 11 PM. If we have moved higher I will raise the stop. If not I will leave it in place. For 2 contracts I am not worried if my stop gets hit, but I am looking for a bounce and hopefully tamer or flat inflation numbers which give us a mini rally.I will get out then since I expect the mini rally to fizzle and fade and drop LOL..
Sorry, I was out most of the day. I just had a chance to look at the 10 minute chart there . Probably the reason that the divergence was not as strong as needed to be, was the double top RSI that had just preceded the double bottom RSI. The Double top RSI actually had the second peak slightly lower than the first and that generally makes it a little stronger. However, it sounds like you used a prudent stop, so you weren't hurt too badly--and that is what is important.
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