ES Journal Archive (2006 - 2008)

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Quote from romik:

could you possibly explain how do you see 1360 as short term target? Thanks.
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It is my belief that in an uptrend the ES has a tendency to push past the upper BB on weekly for 30 to 40 points initially unless there is a clear reversal, which right now there is not.
 
Quote from Buy1Sell2:

I agree with Romik's hourly BLD set up. However, it doesn't agree with the current 240, so a tighter stop should probably be used. Longer term , we still have an upwards market for now.
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Would you say that hourly has to agree with 240? As you see longer term as upside, though 240 is still bearish and perhaps will result in ES reaching lower BB level on daily, hourly can either show early signs of a reversal to the 240 TF and/or simply provide signals for trading around 240's direction.
 
Quote from romik:

Would you say that hourly has to agree with 240? As you see longer term as upside, though 240 is still bearish and perhaps will result in ES reaching lower BB level on daily, hourly can either show early signs of a reversal to the 240 TF and/or simply provide signals for trading around 240's direction.
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It's just better if they agree. More attention needs to be paid to stop level when they don't agree.
 
I still am viewing 1302.50 as the most recent reaction low on the daily chart. I am still long here based upon that. Friday's low of 1321.00 is attempting to make a case for it to be the reaction low, but it is not yet a strong one. Time will tell.
 
The 1321.00 level is certainly making a stronger case now for reaction low. We had a double bottom around that level today and the hourly chart contnues to be bullish right now. I see no reason to be short or take profits here.
 
Do we have the beginnings of a Bearish divergence on hourly charts? The answer is yes, the set up is beginning and would be a classic if completed. However, the 240, daily and weekly are all up, so I see no reason to think that the hourly will be anything more than a pullback. I'm still studying 1321.00 as a reaction low, but more time is need for it to prove itself. 1302.50 is he reaction low that I am paying attention to now. Staying long. :)
 
Quote from Buy1Sell2:

Do we have the beginnings of a Bearish divergence on hourly charts? The answer is yes, the set up is beginning and would be a classic if completed. However, the 240, daily and weekly are all up, so I see no reason to think that the hourly will be anything more than a pullback. I'm still studying 1321.00 as a reaction low, but more time is need for it to prove itself. 1302.50 is he reaction low that I am paying attention to now. Staying long. :)
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But my RSI and CCI show higher peaks B1, HIST does show an incomplete BRD, what about your chart's RSI?
 
Quote from romik:

But my RSI and CCI show higher peaks B1, HIST does show an incomplete BRD, what about your chart's RSI?
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That's exactly right-- I believe it is somewhat weak and that's why I mentioned pullback instead of total reversal. Daily chart is long all the way.--Could change of course, but right now, Daily and Weekly are long. No reason to be long term short right now. Stop should be below 1302.50 for now. More conservative/active traders would use 1321.00.
 

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Quote from Buy1Sell2:

That's exactly right-- I believe it is somewhat weak and that's why I mentioned pullback instead of total reversal. Daily chart is long all the way.--Could change of course, but right now, Daily and Weekly are long. No reason to be long term short right now. Stop should be below 1302.50 for now. More conservative/active traders would use 1321.00.
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Which MACD are you using for the ES -
1 hour - Chart please?

Charly
 
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