ES Journal Archive (2006 - 2008)

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Quote from Spectre2007:

state of trendlines, and MA's.

looking for that pink trendline to be tested.

I wont be getting net short until the previous lows get taken out.. at 42..definitively.
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remember this market is not a shorting market...unless levels get taken out.
 
MM's have to make a decision....data was negative...but supply didn't sell the market... price is caught in 10 point range trade..

choice A is they have to take it up to find sellers... at the next resistance level..with others buying it up

choice B is they themselves only take it down, drawing in shorts, for a squeeze later on in the day.
 
Quote from Spectre2007:


...but market should trend down for most of the day..

{10 mins later}

remember this market is not a shorting market
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Am I the only one who finds this contradictory?
 
risk reward doesn't favor a short even though it projected down, if you want to play short... you would have to use small lots relative to longs. Just have to adjust position size based on intraday trend relative to daily projected trend which is still projected up.. thats why its contradictory.

edit: the strength of the daily and counter trend intraday dictates position size ratios for position biases.

edit: so the best trade in this situation is to wait for the trend down, and get long at a predefined trendy.

edit: to me the small countertrend RR is not worth trading.

edit: if you look at price action, its behaving according to the R:R, it wants to go down, but at the same time the daily trend is providing resistance.

edit: since my MA's crossed, I've learned to be careful countering those MA indications.

10 minutes ISM comes out.
 
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