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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from apex82:
profit 1 hit and filled
stop now moved to 1 tick below lows.
taking profit 2 here as well at 1487
stop still 1 tick below the lows.
+4.75 pts
Watch the 1484.50 area for a possible reentry to the long side. I would enter with a reversal or some type of slingshot entry due to the possibilty of washing out the lows before moving higher.
Apex82, why are you still looking to go long? Why wait for 1491 to go short? Today's ES action was a decline from 1492.75 to 1482.25, then a 61.80% retracement to 1488.75. Per the chart you so kindly posted last night, why would you not expect another decline from here (1488ish) through the 1482-1484 resistance area to the stronger resistance at 1472-1474? Just curious about your thinking on this...
(I'm up 6+ points on the ES today so far, now trying to decide how to play it from here.)
(I'm up 6+ points on the ES today so far, now trying to decide how to play it from here.)
Quote from mbusch:
Apex82, why are you still looking to go long? Why wait for 1491 to go short? Today's ES action was a decline from 1492.75 to 1482.25, then a 61.80% retracement to 1488.75. Per the chart you so kindly posted last night, why would you not expect another decline from here (1488ish) through the 1482-1484 resistance area to the stronger resistance at 1472-1474? Just curious about your thinking on this...
(I'm up 6+ points on the ES today so far, now trying to decide how to play it from here.)
I totally hear ya... but I always like to maximize my risk/reward. I can easily see the ES moving to new all time highs from this area.. it was a major support zone. Higher level trend is up so I want to play the short side with the least risk as possible. Therefore waiting for the 1491 area before getting short again.
Quote from apex82:
taking profit 2 here as well at 1487
stop still 1 tick below the lows.
+4.75 pts
Watch the 1484.50 area for a possible reentry to the long side. I would enter with a reversal or some type of slingshot entry due to the possibilty of washing out the lows before moving higher.
taking profit 3 here at 1490
+7.75 points looking to go short soon.
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