ES Journal Archive (2006 - 2008)

[apex82]

Quote from apex82:

taking profit 1 early here at 1555.50

stopped out on remaining contracts for a 1.5 pt loss

+3pts

-1.5pts on other units

 

[mbusch]

Long in an uptrending market with a breakeven stop is a great stress-reliever, and gives me time to think. What I'm thinking about is: Where's the next resistance zone above 1559 (assuming that we can get decisively above that level)?

There's no price history to look at above 1559.

All I have is an extension calculation showing a level of about 1567, and a still-valid uptrend line suggesting that if we reach 1567, it won't be until early next week (unless the trendline is violated to the upside).

Anyone else have any thoughts about where we go from here, assuming it's higher?

 

[Buy1Sell2]

Quote from mbusch:

Long in an uptrending market with a breakeven stop is a great stress-reliever, and gives me time to think. What I'm thinking about is: Where's the next resistance zone above 1559 (assuming that we can get decisively above that level)?

There's no price history to look at above 1559.

All I have is an extension calculation showing a level of about 1567, and a still-valid uptrend line suggesting that if we reach 1567, it won't be until early next week (unless the trendline is violated to the upside).

Anyone else have any thoughts about where we go from here, assuming it's higher?

Markets can go much higher than anyone can think. I am using trailing stop below 1529.75 currently. Trailing stops will allow you to catch bigger moves .

 

[mbusch]

Trendline...

 

[mbusch]

Adding on here long at 1560.00
SS on add-on is 1558.50 (1.5 points)

 

[Spectre2007]

next resistance zone is 1560 cash + futures differential.

 

[mbusch]

Quote from Spectre2007:

next resistance zone is 1560 cash + futures differential.

What's the differential now? If it's around 7 points, then that jibes exactly with my projection.

 

[Spectre2007]

10 points.. so 1570

watch for huge orderflow downdrafts, the cap that was used to instigate the squeeze needs to be recycled. Sold into liquidity only present when market is jubilant.

then that cap is available to push us higher whenever the larger participants choose.

the market will tell you when its having trouble.

 

[mbusch]

Quote from mbusch:

Adding on here long at 1560.00
SS on add-on is 1558.50 (1.5 points)

SS on add-on now raised to breakeven.

PT1 is 1566.50
PT2 is higher

 

[Spectre2007]

the way the bias filters work, is when above red only take long positions, when blue crosses over green. The closer to the red the crossover occurs the better.

countertrend scalps only with minimal size, unless the blue and green cross the red to the downside.