ES Journal Archive (2006 - 2008)

saliva · Jun 28, 2006

daily profit (so far): +5

Buy1Sell2 · Jun 28, 2006

added 5 longs here at 1250.25. Bullish divergence on hourly charts as described earlier.

saliva · Jun 28, 2006

sold short @ 1250.25

saliva · Jun 28, 2006

I'm seeing a double-top formation on the 5-min chart.

saliva · Jun 28, 2006

First profit target again @ 1248.25; second @ 1247 or thereabout.

saliva · Jun 28, 2006

stopped out @ 1250.50

Buy1Sell2 · Jun 28, 2006

Quote from saliva:

stopped out @ 1250.50

Was that a stop that was placed at the same time you placed your order or was it a "mental stop" that you had to key in at your discretion?

saliva · Jun 28, 2006

Quote from Buy1Sell2:

Was that a stop that was placed at the same time you placed your order or was it a "mental stop" that you had to key in at your discretion?

I usually don't initiate stops at the time of entry. However, once it approaches a reasonable point where I feel comfortable with the trade, I would place it no further out than where I entered. Obviously, you're wondering about the first 15-minutes where the market went against me. It seemed rational at the time to stick with the trade since it didn't violate the resistance among other things that I monitor.

Are you still riding out the wave? This one looks pretty damn good. Hope you're having a blast.

Buy1Sell2 · Jun 28, 2006

I am cautiously optimistic of 1265 in the next day or two.

saliva · Jun 28, 2006

Since I'm a daytrader by definition, I stay clear from making forecasts. However, I should think that tomorrow will be the make or break day. On the daily chart, I see my favorite bearish pattern on the cusp of breaking out in all its hideous form. But then again we've fallen so much from the all-time high, who can know for sure...