ES Journal Archive (2006 - 2008)

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Quote from princessa:

apologies if you've said so already, apex, but what charting software are you using and what broker do you use? thanks.
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I use Tradestation for my charting primarily. I use several brokers.. In terms of futures, Fimat is my main broker. I also use Tradestation for some position trading and some automated strats.
 
Quote from apex82:

Ok consolidated as expected and has now moved up to the max zone. I am now short at 1508 with a stop at 1509.75. Looking for a retest of the lows and a move lower. I will be be managing the trade as a multiday top.
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Just hitting the sack and taking profit 1 here at 1503.50 for a +4.5pt gain. Came within 2 ticks of my stop...
 
Just out of curiosity, are you maintaining your intraday position size? If so, how are you able to get filled exiting in a thin overnight market?

Nice trade by the way..


Steve

P.S.

In case anyone has an interest, I used to trade the DAX which opens about midnight local time. No problem getting filled. Nice action (almost 2 years ago) and good intranight range. Tried occasionally to trade the overnight (Globex) but couldn't get filled for more than 5 contracts without waiting a while. Eventually I had to stop because it played hell with my sleep cycle.
 
Quote from steve46:

Just out of curiosity, are you maintaining your intraday position size? If so, how are you able to get filled exiting in a thin overnight market?

Nice trade by the way..


Steve
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Ya... most of the time. Remember I trade in units of 25, so its not that many exiting at one time. Plenty of volume to get out on ES aftermarket.
 
Just for grins. This is an MP chart of the overnight market

Looking to the right you see tonight's formation showing a high of 1509

If you scan left along the black horizontal line, you can see the vertical line that outlines the RTH "value area". The low end of that vertical line serves as resistance to any further move up. I realize liquidity is somewhat restricted here but it does offer a high percentage short, if you can get entry at that point (of course you were already in the market).

Good luck in the markets tomorrow, I need to get some sleep.

Steve
 

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Here are a couple of charts of the S&P contract

As you can see, you are correct in your assessment that it is looking tired.

While we are due for a correction down, at this point the big players are trying to mark it up so they can unwind existing positions. In my opinion, as long as they have inventory to get rid of, we will see short corrections, followed by continuation north.

This first chart shows the daily channel. I have taken my indicators off the chart so you can see the channel clearly.
 

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Next chart uses 60 min candles.

Upward pointing blue line is the lower channel from the previous daily chart.

Horizontal blue lines are a buffer zone where support exists for the contract.

My MP chart indicates that we may open within a previous value area. If that occurs, it signifies (initially) acceptance of that price area. I would be looking for a test of a previous area (1510-1512)
and then (if you are correct about the "tired" part) we could see a strong move down. What really matters is whether or not a move attracts volume (what MP terms "responsive" action) from folks on the sidelines. Thats one scenario.
 

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