ES Journal Archive (2006 - 2008)

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Quote from apex82:

alright if we make new lows from this point on er2 i will close out profit 3 for a 7.5 pt gain. Next buy area is down at 848-849.
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Out of Er2 still long my unit 3 in es with a breakeven stop at 1532

next buy area in es at 1531

best value at 1526-1527
 
Quote from osorico:

Bear flag formed on 15m in all US indexes.

Trade what you see, not what you think
Osorico :)
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Just want to mention there is a 2-day upslope trendline which this particular 15m bear flag is tuned in to. All the indexes, either on the flag, or the break of the flag is sitting on or just below this trendline. Just thought Id mention it.

Osorico :)


EDIT: using cash for move confirmation might be a good idea here.
 
Quote from JimmyJam:

L @ 1539.25, PS @ 1536.25

While the market IS NOT remarkably bullish, it is holding support at yesterday's highs, and as long as it continues to do so, the trade has favorable prospects.

JJ
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That trade was stopped out at -3pts, but the market still has a very strong underlying bullish tone to it with the TRIN holding below 0.85, even though everything else is still in the grey zone.

L @ 1535.75, PS @ 1532.75.

Now that we have gap closure lets see what tone the market will set going into the weekend.

JJ
 

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Quote from JimmyJam:

Now that we have gap closure lets see what tone the market will set going into the weekend.
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JJ, looks like you don't measure gap closure from the close of RTH, but rather the high of the closing bar on some timeframe? Can you explain?
 
Quote from osorico:

Just want to mention there is a 2-day upslope trendline which this particular 15m bear flag is tuned in to. All the indexes, either on the flag, or the break of the flag is sitting on or just below this trendline. Just thought Id mention it.

Osorico :)


EDIT: using cash for move confirmation might be a good idea here.
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Is that a fancy way of saying that you're looking to go short here?
 
Osorico maybe you could comment how you trade the flags.... I found the risk/reward to way to far off to make it profitable for me.
 
Quote from apex82:

Osorico maybe you could comment how you trade the flags.... I found the risk/reward to way to far off to make it profitable for me.
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No problem. Here's a 2m chart I posted a few days ago. That was 2m, this time it's 15m, so slightly different entrys... the difference being to use 2nd 15m bar after the inital break for confirm. (2m doesn't get this luxury). I use the close of the initial break bar. An open below is my confirm. From there, depending on the exact action, above the flag trendline is usually a safe stop. Or high of the actual break bar if not too far away.

Osorico :)

ATTACHED CHART IS *NOT* TODAY!!
 

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Quote from mbusch:

JJ, looks like you don't measure gap closure from the close of RTH, but rather the high of the closing bar on some timeframe? Can you explain?
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Yes, you are correct for Gap Ups, I reverse the thinking for Gap Downs.

If other traders don't measure it like that, it's fine with me. I use it as a visual benchmark, not an absolute, and like I said, I'm actually looking at other criteria to make my trading decisions.

The early buy generated a "win" last Friday before the move down that closed the Gap (I just didn't call the trade). This time it didn't produce a successful trade, but the second trade should hold, and if you're short, you might want to pocket the profit.

Good trading,

JJ
 
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