ES Journal Archive (2006 - 2008)

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Quote from mbusch:

That was one hell of an entry! 1 tick from the low. I did not even show 1510-11 as a weak support level. Congratulations!
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Also, i only took this trade based on the bullish divergence on RSI as well as Elliot wave correction.
 
Quote from Mins:

Long at 1510.75. Very unsure how this would go so tight stop at 1509.75.

1st Tgt is boucne to 1524, 2nd Tgt is 1530.64. Then looking for shorts for a long way down.

Still very risky trade but it was part of my plan so i have to follow it.
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Sold 2 more at 1522
 
Quote from Mins:

Also, i only took this trade based on the bullish divergence on RSI as well as Elliot wave correction.
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to MINS...what RSI period do you use?...14, 7 etc.??..thanks for your insight!
 
Quote from increasenow:

to MINS...what RSI period do you use?...14, 7 etc.??..thanks for your insight!
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I rarely use indicators except for bollingers and RSI, for RSI i use 14 period but i have zones which are bullish and which are bearish.

The RSI was the final confirmation for me that a good trade with decent probability would unfold.

You could see on the 88min time frame as well as 15 min their was lower lows made in ES (relative to the last low which was1514.25) yet higher RSI readings at these two points. Hence, a bullish divergence which meant there was not enough strength to continue the selling at those prices.

RSI was only used because i need a confirmation for my Elliot wave.

Anyway thats how i use it, but i am just a beginner so be careful with my advice as it might not be the greatest.
 
I'm looking for one more push in the ES so that I can short between 1528.50 and 1530 when I see a reversal bar. This is a relief rally that has no real catalysts and this resistance zone looks pretty good.
 
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