ES Journal Archive (2006 - 2008)

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Quote from skippy:

newbie question here:

why does everyone seem so certain that this will clear overhead in the 1518-19 area?

not saying everyone is wrong....just not clear on the source of the seeming unanimity...

thanks
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I for one am not at all certain. If we reach 1518, I will move my sell stop to break-even (1515.50). If price action looks poor, I will close out my long and start looking for an opportunity to go short. At present, however, I think we have a decent chance to re-test HOD at 1521 and (if stops are run) reach resistance around 1525. We'll just have to watch and see.

When it comes to day trading (as opposed to swing or position trading), Osorico has it exactly right: trade what you see, not what you think. (Copyright 2007 Osorico, all rights reserved)

P.S. While I was typing this, 1518 hit, so my stop is raised to break-even at 1515.50.
 
So, while still bullish, the market isn't soo bullish anymore ... and to risk the profit I already have in the till, I would need the market to be extremely bullish and I would need price action to make really obvious, consistent stair stepping patterns (either higher or lower).

So for now I'll sit here and watch Jet Li in Fearless.

JJ
 

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Quote from mbusch:

P.S. While I was typing this, 1518 hit, so my stop is raised to break-even at 1515.50.
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Stopped out most recent long at break-even. Now flat. I've got to go out soon, so quite possibly done for today.
 
respect ... to all.

"so far" ... meaning second stage could still come....
"throw" ... meaning forget about the second stage already... ?

i guess you meant to say "threw" ... ?
:0)
again ... respect....
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Quote from Spectre2007:

remember most every decline occurs in two stages.
so far only the first stage is in.
the second stage pretty much everyone throw in the towel.
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Quote from mbusch:

Stopped out most recent long at break-even. Now flat. I've got to go out soon, so quite possibly done for today.
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I lied. Now short at 1518.00, 1.5pt stop at 1519.50. Nice selling tails and confirmation on 3- and 5=minute charts.

If you squint real hard, you can almost see us making the right shoulder of a H&S top, albeit a bit asymmetrical. Or not... :)
 
Quote from skippy:

newbie question here:

why does everyone seem so certain that this will clear overhead in the 1518-19 area?

not saying everyone is wrong....just not clear on the source of the seeming unanimity...

thanks
More...

newbie lesson #3049245-d:


don't let yourself get thrown by message board chatter.
 
Quote from mbusch:

I lied. Now short at 1518.00, 1.5pt stop at 1519.50. Nice selling tails and confirmation on 3- and 5=minute charts. If you squint real hard, you can almost see us making the right shoulder of a H&S top, albeit a bit asymmetrical. Or not... :)
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Gosh, that worked well, didn't it? :) (Just back from taking a shower.)
 
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