ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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The observsations that I made were directed at all time frames. Yesterday, it would have been good to ignore shorts and just take longs as the hourly trend was up. There was potential to make money on the short side, but the bigger probability was for upside movement. I can't say this enough--"To make yourself a huge success in this business requires extended gains, not scalped ones"--This is what I am saying--Trend should be exploited no matter what time frame we are talking about.
Trend is long today as well which corresponds with both the daily and weekly trends. Does this mean that a short will not work today or that there won't be an extended short? NO, of course not, but the probabilities are more RIGHT NOW, with the longs.
Took profit #1 here at 1543.75 for +4.75
Holding remaining long for higher.
I am showing 1545.75 as a very critical level. It's both the previous high from July 9th and also the current level of the descending trend line from the June 10th contract highs.
If 1545.75 is breached, I see no significant resistance until 1552, 1554, 1559.
Going again...
S YM @822, hard stop @828.
targets, 794, 770, 756
Osorico
EDIT: stopped. Out @827. -6 NET
It just ain't ready. There will be a very good short opp before eod. That's what I see, until then, just looking for the scalps, up and down. As apex mentioned, catching a swing based on scalp risk; priceless.
S YM @822, hard stop @828.
targets, 794, 770, 756
Osorico
EDIT: stopped. Out @827. -6 NET
It just ain't ready. There will be a very good short opp before eod. That's what I see, until then, just looking for the scalps, up and down. As apex mentioned, catching a swing based on scalp risk; priceless.
Buy1Sell2:
You stated: âTrend-- was clearly long all day based upon the 60 minute charts. Extended gains are what traders should be looking for and thus, shorts should not have been taken at all today.â In hindsight itâs relatively clear and yet let me respectively disagree even with the hindsight. The total ground covered in the S&P futures yesterday, using two points up and down swings as a measure, had to be one of highest in history. From a 1520.25 close the previous day to a 1518.5 open, to 1522.5 at 9:45, 1516 at 9:55, 1527.25 at 11:05, 1524.25 at 12:15 p.m., 1530 at 1:45 p.m., 1522.5 at 2:05 p.m., 1527.5 at 2:25 p.m., 1521.25 at 2:50 p.m., to 1531.5 at the close. That is 102.25 points of movement to make a mistake in â a bit disruptive and yet encouraging.
Granted, the movement of the market ended up but to state the âTrend was clearly longâ given the differing movements is a bit of a stretch.
You go on to state: âOvertrading--a trader can actually trade with as little as one trade each day or of course no trades at all.â Now that is an excellent point.
DMartin
You stated: âTrend-- was clearly long all day based upon the 60 minute charts. Extended gains are what traders should be looking for and thus, shorts should not have been taken at all today.â In hindsight itâs relatively clear and yet let me respectively disagree even with the hindsight. The total ground covered in the S&P futures yesterday, using two points up and down swings as a measure, had to be one of highest in history. From a 1520.25 close the previous day to a 1518.5 open, to 1522.5 at 9:45, 1516 at 9:55, 1527.25 at 11:05, 1524.25 at 12:15 p.m., 1530 at 1:45 p.m., 1522.5 at 2:05 p.m., 1527.5 at 2:25 p.m., 1521.25 at 2:50 p.m., to 1531.5 at the close. That is 102.25 points of movement to make a mistake in â a bit disruptive and yet encouraging.
Granted, the movement of the market ended up but to state the âTrend was clearly longâ given the differing movements is a bit of a stretch.
You go on to state: âOvertrading--a trader can actually trade with as little as one trade each day or of course no trades at all.â Now that is an excellent point.
DMartin
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