ES Journal Archive (2006 - 2008)

[yvberj]

Went short @ 1264. Got stopped out @ 59. I think there's more room dn.

 

[Buy1Sell2]

Quote from optioncoach:

I use the daily charts and 5-minute charts together to look for trend and support and resistance. You could certainly trade the 5-minute charts for larger moves then quick scalps. It all depends on where previous levels of support and resistance are and how much room I think it can run in the current trade.

Since I was trading off the opening I did not have much guidance to how far it could fall and therefore set a stop at the level I described. If I was bearish overall on the daily's I could have held the position longer. However we bounced strongly off the lows 2 days ago so I did not want to over hold my shorts.

The 60 minute chart indicated sell at 1263.00 What I think is that the 5 minute may be good for bigger moves when in agreement with the 60 etc. and when going against the grain , it should be looked at for a couple of points. Unless of course, it is a particularly strong looking divergence.

 

[Buy1Sell2]

Quote from yvberj:

Went short @ 1264. Got stopped out @ 59. I think there's more room dn.

Trailing stop?

 

[yvberj]

Quote from Buy1Sell2:

Trailing stop?

Yes. Just waiting now. If it passes the 55-56 slight support I'll go back in again.

 

[yvberj]

Looks like price may be going up to close the gap between price and 50eam on either the 3 or 5 m. ema's

 

[hpeganz]

Quote from Buy1Sell2:

The 60 minute chart indicated sell at 1263.00

Please explain

Best Helmut

 

[El OchoCinco]

Two days ago was a really long candlestick on the daily chart for SPX and ES. Usually the halfway point is a support pullback on such a move and today both the ES and SPX bounced off that mid-point.

I would watch that number to see where we might finish. If it keeps bouncing off of it the buyers will keep us in the upward moves. If it breaks down today on the close then tomorrow could continue lower.

 

[Buy1Sell2]

Quote from hpeganz:

Please explain

Best Helmut

The bar that completed at 10 AM EST (9:00 bar), had an outside reversal down (open at high end and close at low end with the high failing above the previous bar). In addition, the histogram and the RSI both made lower peaks from the peaks made overnight 6/15-6/16. That was a sell bar. This was not a divergence since prices are lower, but it was tradeable.

 

[romik]

B1, has your RSI (60 min) registered a sharp angle to 30 around 4.30-5.00 am EST this morning? Thanks

 

[Buy1Sell2]

Quote from romik:

B1, has your RSI (60 min) registered a sharp angle to 30 around 4.30-5.00 am EST this morning? Thanks

Mine didn't, but the one I described as a sell bar, which was probably a WRB, certainly did.