ES Journal Archive (2006 - 2008)

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Quote from ryank:

Huge block of orders sitting on 1514.25 bid, not sure what to make of it. Any ideas?
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Not sure the reason, but it's quite common to see that at the LOD or HOD.
 
I wouldn't put a whole lot into what happens today. Vol looks weak, but we are seeing vol increase on the downside spikes. ER2 still above morning low. If get a break in ER2, look for more downside into close. jmo
 
steve46

I appreciate the charts ...
when I saw the gap this am. -- pulled out your info from last week...great stuff ... thanks

questions on this last chart ..what is the line plotted above the price? and what is the criteria for the short entry there ?

... or at least where do I start reading to understand the criteria?
 
Institutions usually pick a line in the sand and they wait

They have the option of defending that price point or pulling the orders at the last minute, letting it continue down and/or getting on board on the short side.

Recently the big picture has been up one day (most of the day) and down the next. This allows the institutions to offload inventory (equity positions) at higher prices.

Checking the bids, look for Merrill and Goldy. If you can, watch the bid right before price hits that point. If the bid disappears it means they are trying to attract buyers (its like feeding goldfish) and then they just let it slide down, having sold some inventory into the up bar.
 
2m charts "feel" long. No confirms anywhere however. Scalping long-side going into the close for me. Keep in mind my "into-the-close" swings mostly suck. LOL. Scalp.

Good trading to all
Osorico :)
 
Quote from '81packer:

steve46

I appreciate the charts ...
when I saw the gap this am. -- pulled out your info from last week...great stuff ... thanks

questions on this last chart ..what is the line plotted above the price? and what is the criteria for the short entry there ?

... or at least where do I start reading to understand the criteria?
More...

Yes thanks, the line above is $ADD which is an Esignal indicator that shows the difference between advancing and declining NYSE issues. Also depending on your interest, another poster in this thread created a similar indicator however it was composed only of the S&P 500 advancing and declining issues, using Excel and a DDE link. The display was similar to mine, but his was a little quicker.

The idea is that as more issues advance or decline, the market price reflects that interest (long or short). This is workable as a confirming signal intraday.

Also I pay attention to average volume on a 5 minute basis. This is a little more complicated but I can tell you about it quickly. First I have researched to find average volume per 5 minute bar over the last 90 days. Then I put a chart up showing that volume right next to my intraday chart. As price moves up and down I look to see whether volume is at, above or below average. Especially when I see a potential setup, I look for a lull in volume, below average, and then it picks up, as the move progresses, usually on above average volume. If you are following me that far, then the next step is continuation. I look for continued movement in a direction to be supported by at least average and hopefully above average volume. You will have to wait till the end of day for me to post the average volume for you. But I will do so.

Hope that helps

Steve

By the way, I noticed the post from B1S2 asking that I stop participating (link below)

http://www.elitetrader.com/vb/showthread.php?s=&threadid=64965&perpage=6&pagenumber=2007

If it were my thread I would want people to respect my wishes, so I will stop here.

Good luck everyone.

Edit

Those interested in the average volume figures can obtain that and background info from Dr. Brett Steenbarger's blog. In my opinion, we are doing the same thing. He looks for average volume on a 15 min basis, I look at 5 min bars. Same thing
 
Quote from steve46:

By the way, I noticed the post from B1S2 asking that I stop participating (link below)
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Steve, I think what B1S2 meant was that you should cease your public feud with JJ. Your posts today (since your last nastygram to JJ) have been quite interesting, and I'd encourage you to continue your participation here on that basis.

I do agree with B1S2 that your exchanges with JJ over the weekend were most unpleasant, and did not belong in public.
 
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