ES Journal Archive (2006 - 2008)

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Quote from mbusch:

This may be crazy but...

L 1546.25
SS 1545.25 (1 point)
PT 1552 (5.75 points)

This is an add-on to my pre-existing long position.
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No, it is not crazy. You are trading with the trend and risking little to make much more.


A wise trader will look for good places to ADD to long positions with limited risk. In particular, I am looking for places that appear to be bear reversals but immediately go right back up.

EDIT: Speaking of which, I see a potential set-up right now. On the 3-minute chart, there is a reversal (hit new high, and then backed off). The bears will be all over it if it touches 1545.50. If they take the bait, and if the trap is sprung (goes right back up), there it is. If it hits 1545.50 and does NOT go right back up, then that's a sign that the trend might well be over for a while.
 
Just got back from my shave/shower/dress routine. Looks like 1545.75 resistance has been tested continuously for an hour and held so far, which is a bullish sign. Still holding two units long here. Looking to exit in the 1551-1552 area, but I have to leave for a doc's appt at about 3:30 pm EDT, so will have to close out with whatever I have by then. (My trading platform unfortunately will not accept GTC stop orders, and I won't risk going stopless in my absence.)
 
Quote from smilingsynic:

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EDIT: Speaking of which, I see a potential set-up right now. On the 3-minute chart, there is a reversal (hit new high, and then backed off). The bears will be all over it if it touches 1545.50. If they take the bait, and if the trap is sprung (goes right back up), there it is. If it hits 1545.50 and does NOT go right back up, then that's a sign that the trend might well be over for a while.
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Very interesting observation , thanks
Ive always wondered how to identify potential trap areas
 
Quote from abaker:

Very interesting observation , thanks
Ive always wondered how to identify potential trap areas
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Note on the upside. On the 1-minute there is a breakout on big volume. If ES trades down below the low of this bar, that suggests that the trap may be sprung on the bulls.

EDIT: Looks like the breakout is holding. It has been several minutes.
 
Its about the end of the road for today guys... tighten stops. I would like to see 1552 but you cant always get what you want. You will get a chance to get long again tomorrow or next week.

massive resistance on nq at 2030-2036


The past 2 days have been nothing short of amazing. Pulled off my second biggest profitable trade of this year.

Its going to be hard to beat being heavily short the es and er2 two days before the february 27 selloff.
 
Quote from mbusch:

Still 2 units long, trailing up my stops pretty aggressively now, currently at 1546.50.
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Perfect position, imo. That's where I had my sell stop, in case the recent breakout immediately failed.
 
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