ES Journal Archive (2006 - 2008)

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Quote from Buy1Sell2:

Romik, it's a function of deferring to the reaction low first once a strong signal occurs which I will show on the chart here. I am reluctant to take the first short grails after such a strong long signal. 20 MA was just getting it's legs for an upmove also. I believe that the vast majority of TA traders are sing simple MA's. It needs time to fester as I have said before. I do pick and choose the grails to trade based upon past experience with time and their strength. Yesterday's bullish signal was extremely powerful I thought so I stayed with it.
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"short grail, but no reversal signal", what signal would that be?
 
Quote from Buy1Sell2:

Here is the RTH 15 minute ES chart from Monday. No reaction low has been created yet. If using the let it ride system you would still be long here without the obvious reversal showing itself yet.
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HI
is the indicator ON the chart a BOLL. 12-26-9?
Thanks Charly
 
Quote from romik:

"short grail, but no reversal signal", what signal would that be?
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It is the type of grail that may give you a point or two in a pullback but not an out and out reversal.
 
Quote from Buy1Sell2:

It is the type of grail that may give you a point or two in a pullback but not an out and out reversal.
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One thing to note: I always defer to the reaction high/low unless I define the grail or divergence as being an obvious reversal. That will keep you in the trades even when they pulback or go against you for a bit. Yesterday I did not move my stop to breakeven in response to Vols question. Why didn't I do that? Because breakeven (my entry point) was in the noise. It was in the noise by definition because I(and others) created the noise by trading there. I do not want my get out of dodge point to be in the noise where it can whipsaw me!
 
Quote from romik:

Do you see macd/RSI brd on hourly? Longs risky at this time?
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Yes - the 60 is risky for longs. There is no clear signal on the 60 to be long here. If you want to play long, you'll have to use the very short frames today.
 
Quote from Buy1Sell2:

Yes - the 60 is risky for longs. There is no clear signal on the 60 to be long here. If you want to play long, you'll have to use the very short frames today.
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IMHO makes more sense to be short here based on hourly, reaction high 1393.75. 20 MA is turning bearish and I do like that MACD pattern. I am short.
 
Quote from romik:

IMHO makes more sense to be short here based on hourly, reaction high 1393.75. 20 MA is turning bearish and I do like that MACD pattern. I am short.
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That's what I mean--if you wanted to play long only, you would drop down to the very short frame charts and take the long signals.
 
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