ES Journal Archive (2006 - 2008)

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ryank

i fully understand your point about calling it a day after getting back to even. Myself in the past i have done the same thing. NOT every day will be a win. As we progressed along the learning curve in trading we were happy to have even small losing days compared to some bad days.

After the opening trades are basically done, those lines can be like guides later in the day. One line i have watched for a long time is the actual opening tick as soon as the SP500 pit opens (we use globex tick). review some old 5 minute charts can you will see many times that line will act as supp/resist, uncanny the way this stuff works sometimes.

One thing never changes in a game of probability (odds), that being when you see something happen and you remember it from the past, after numerous times your intuition tells you to FUGEDABOUTIT, or go with it.

Have a good day
 
Here are the 2 main zones I am looking at for today. Resistance is quite a big zone due to higher level structure that it is formed from. Possibly in a breakout move and in a wave 3. I would advise to trade from the long side until a breakdown below 1437.
Minor resistance is at 1447.25, which is also the globex high. We could see a decent pullback off Minor R down to the 1440-1438 area. Odds favor for a range reduction day due to 2 range expansion days to the upside. However, any breakout above minor R could see a rally up to 1453-1456.
 

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Watch the 10 minute continuous chart for a fresh long signal. Don't buy until that signal shows up. Trend is up as identified by the RTH 30 minute chart. Drop to the 10 minute continuous and find longs. :)
 
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