ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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wave,
the model is just resistance and support zones, the minor zones really don't put up a fight.
the model is just resistance and support zones, the minor zones really don't put up a fight.
Actually, I sold again on another failed rally--got out at 64.75.
heres the model:
look at the 60 minute, for the hourly trend vector, that vector is pointed at the major resistance zone, whether it be a daily low or high. And trade accordingly.
don't have opinions, and keep track of the 60 minute bars, how they are printing. When 74 broke just a few minutes ago, it just confirmed the hourly trend.
the problem with trading near the daily highs and lows, once resistance is encountered on the hourly or support, you have to reverse.
look at the 60 minute, for the hourly trend vector, that vector is pointed at the major resistance zone, whether it be a daily low or high. And trade accordingly.
don't have opinions, and keep track of the 60 minute bars, how they are printing. When 74 broke just a few minutes ago, it just confirmed the hourly trend.
the problem with trading near the daily highs and lows, once resistance is encountered on the hourly or support, you have to reverse.
<i>"Registered: Apr 2006
Posts: 1172
07-27-07 05:10 PM
(edited for brevity)...
... That day is coming for sure. The following session is what we need heed. If the pending short squeeze gets totally erased next session or two that follow, indexes will cave in much deeper than here. If the squeeze can hold higher ground and stage a classic follow thru session, sideways to upward will be the trek."</i>
I was completely wrong about a powerful short-squeeze rally. All we saw was 1.5 days of upward limp. The latter 1/2 day completely erased all upward progress, right back to Friday lows again. If they take those out tomorrow, look for the next leg down to considerably lower lows.
We can never predict, only plan & react. Markets have behaved according to script in breakdown fashion. Sell side remains the swell side!
Posts: 1172
07-27-07 05:10 PM
(edited for brevity)...
... That day is coming for sure. The following session is what we need heed. If the pending short squeeze gets totally erased next session or two that follow, indexes will cave in much deeper than here. If the squeeze can hold higher ground and stage a classic follow thru session, sideways to upward will be the trek."</i>
I was completely wrong about a powerful short-squeeze rally. All we saw was 1.5 days of upward limp. The latter 1/2 day completely erased all upward progress, right back to Friday lows again. If they take those out tomorrow, look for the next leg down to considerably lower lows.
We can never predict, only plan & react. Markets have behaved according to script in breakdown fashion. Sell side remains the swell side!
Sold again--out at 58.25.
Bittersweet. Doesn't cover losses in IRA.
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