ES Journal Archive (2006 - 2008)

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Quote from Buy1Sell2:


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For now, my view is that it is best to be long on pullbacks that show additional/new strength. Sidelines right now for me.
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Fully agree with getting long on pullbacks. For the DOW, shortterm, that concept remains unless/until 1/22/07 low is taken out within the next few trading days. Mind you Im an intraday trader, but I do use dailys for cyclic work.

EDIT: just took small YM long position @536 with 9pt hard stop... well see how it goes into close. This is NOT an overnite trade.
 
Alot depends on how we close the day out, but in my opinion, technically, based on the daily chart, we had a false breakout to the upside, that could be the first sign of a double top. Confirmation of that would be a break of the early January lows.

We've already had a false breakout on the NDX. A break of the December lows there would create the double top.

OldTrader
 
Quote from romik:

:) Somebody I know has lost over $22000 on 1 trade yesterday, but he can handle it.

Long 1441.50 increased bet size
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No reversal? Starting to look like a train wreck.
 
seems like you guys with all the experience are in a quandry. some say pullback in a bullish trend, some say "the start of the big one", as in correction.

well, if you guys with all your experience are in a quandry, i'm definitely not going to try to call it. i''m sidelined for now, though i did get in on that nice (downhill) run this am....

fwiw, i think we're up for one more push upward before a steep decline...one last gasp. we'll see if i'm right...:) for now, though, just watching....
 
Quote from OldTrader:

Alot depends on how we close the day out, but in my opinion, technically, based on the daily chart, we had a false breakout to the upside, that could be the first sign of a double top. Confirmation of that would be a break of the early January lows.

We've already had a false breakout on the NDX. A break of the December lows there would create the double top.

OldTrader
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Very possible. I do look though at the 3 charts Daily Weekly and Monthly to determine the predominant trend. As of right now, this minute, it is still up. Did I miss the rundown today? Yes.
 
Hi all. First run at this type of market. My first question please. Should I think what might happen as opposed to what is happening? Also, should I look at daily charts for day trading? I will be discussing only the three minute charts for my entries.
 
Quote from Buy1Sell2:

Very possible. I do look though at the 3 charts Daily Weekly and Monthly to determine the predominant trend. As of right now, this minute, it is still up. Did I miss the rundown today? Yes.
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I understand your point. Of course, when and if the market does turn, it begins with the lower time frames. By the time the monthly turns down we could be considerably lower. To me, some judicious top/bottom picking allows somewhat closer stops. Although I do agree with you in terms of setting stops that are wide enough to be out of the noise.

Great thread by the way.
 
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