ES Journal Archive (2006 - 2008)

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This is a major zone for the ES. If breaks below we will most likely test and move below yesterdays lows. If not we have a good chance at a nice rally. Major deciscion point area.. as you can see the choppyness is brutal today, especialy on the er2.
 
I waited a bit longer for confirmation. Trying to discipline myself to do that, as I've had a tendency to jump in too early.

L 1527.00
Stop 1525.50 (1.5 pts)
Target1 1533
Target2 1536.50
 
I guess the bulls are still out getting their morning Starbucks... (I got my Venti dry skim milk cappucino at 9:18 EDT.)

C'mon guys, time to get to work!

EDIT: Too late. Stopped out at 1525.50 for -1.5 points. Back to Plan A of waiting for 1521-22.
 
Quote from mbusch:

Primarily identifying probable support/resistance zones by reviewing recent historical price action. I use chart patterns (reversal bars and buying/selling tails) to confirm reversal points before entering. I use RSI to help confirm a high-probability entry point. I use close stops (typically <2 pts on the ES) to limit losses if the market fails to reverse where I expect it to (so I can be wrong 2/3 of the time and still be profitable). I raise the stop to break-even as soon as possible if the market reverses as predicted. I start trailing the stop to protect profits as the market approaches overhead resistance levels.

Apex82 is the master of this strategy. I am only a lowly and humble apostle trying to learn how he does it. :)
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and apparently doing quite a nice job of it!

i just had to say that, now i'll go back to lurking....
 
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