ES Journal Archive (2006 - 2008)

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Quote from romik:

added 2 lots @ 1297

average: 1292.50
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I understand what you are getting at and I do this as well as you know-making certain that I don't get overextended. I would exercise caution here on this play as I am attaching the daily chart which looks very bullish unless we get some kind of intraday reversal etc. (and it may still be bullish even with that). Perhaps you are hedged or just trading around your core position? --Joshua
 

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Watch the 3, 5 and 15 here for signs of an reversal intraday. We are getting that second wave of buying that is important for a reversal set up putting distance between the two peaks. Not a prediction here, just pays attention to watch these to see if they develop. Plenty of trading day left here. This second wave is those day traders that felt that they missed out today and are afraid to miss a further upmove and also contains greedy daytraders who are adding positions for another move up. (Amongst others--stops etc) They will either be right or wrong--This is how reversals begin their set up. Professional position traders are by and large not trading right at this moment , but would wait until later in the day.
 
Quote from Buy1Sell2:

I understand what you are getting at and I do this as well as you know-making certain that I don't get overextended. I would exercise caution here on this play as I am attaching the daily chart which looks very bullish unless we get some kind of intraday reversal etc. (and it may still be bullish even with that). Perhaps you are hedged or just trading around your core position? --Joshua
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At the moment I try and offset unrealised losses incurred in the positional/swing account by trading my primary system intraday, OK it's not a ideal hedge, but it has worked during the first attempt on longer TF based long position. I am aware that daily is still looking bullish, but I am looking at daily HIST, which looks like is forming a BRD.

BTW on 15 there just was a similar RSI as in your attached chart, though reversed.

Is your name Joshua or do you refer to me as Joshua and you would be Moses then?
 
Quote from romik:

At the moment I try and offset unrealised losses incurred in the positional/swing account by trading my primary system intraday, OK it's not a ideal hedge, but it has worked during the first attempt on longer TF based long position. I am aware that daily is still looking bullish, but I am looking at daily HIST, which looks like is forming a BRD.

BTW on 15 there just was a similar RSI as in your attached chart, though reversed.

Is your name Joshua or do you refer to me as Joshua and you would be Moses then?
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Yes, the pattern works in reverse, however in a market like ES which is so long biased, the bearish moves need to be looked at in a bit more detail and with more care.

My name is Joshua

However--Call me Ishmael.
 
Quote from romik:

OK Ishmael

BTW Romik is my real name
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I have long suspected your name to be Kim middle intial O and last initial R. Now, I'll have to rethink everything.
 
No adds for me yet. Im going to wait for 1300-1320 and then look to short more. Breakeven right now is 1300 so 20 points above that will be optimal for me. Scalped the ER contract short though. Damn that can green one up fast!!
 
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