ES Journal Archive (2006 - 2008)

[JSSPMK]

Quote from atticus:

This is pre-crash activity. Sold 50 at 150300, 151400 SL/148500 initial target.

I can't help but agree, lots of mixed signals recently, but I think looking at the 2 hour chart of ES and DAX that we are almost at the end of p/a which can be viewed as a bear flag, histogram depicts my absolutely favourite formation ie 3 lower peaks + divergence, price is up and down like a yo-yo. Only beginning of week I thought otherwise, but looking at current 2 hour chart, well, maybe Buy1Sell2 can comment, I say bearish.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1560877>

 

[Spectre2007]

Quote from JSSPMK:

I can't help but agree, lots of mixed signals recently, but I think looking at the 2 hour chart of ES and DAX that we are almost at the end of p/a which can be viewed as a bear flag, histogram depicts my absolutely favourite formation ie 3 lower peaks + divergence, price is up and down like a yo-yo. Only beginning of week I thought otherwise, but looking at current 2 hour chart, well, maybe Buy1Sell2 can comment, I say bearish.

well when most everyone agrees on something, then the market is ripe to get cornered. I agree this is very worriesome, and this same type of atmosphere I sensed in march of 2000.

I wish the FED would have been more aggressive.

 

[2006]

I'd give at a day or two at these levels and then we should get a significant move. I'll likely be trading counter-trend tomorrow

 

[JSSPMK]

Quote from 2006:

I'd give at a day or two at these levels and then we should get a significant move. I'll likely be trading counter-trend tomorrow

What IS the trend right now?

 

[2006]

No comment. I'll let you know in a few days

 

[JSSPMK]

Quote from 2006:

No comment. I'll let you know in a few days

That's what I thought you might say

 

[kinggyppo]

Food for thought:

"Much forecasting information is revealed by price, and studying price will always be faster than analyzing a derivative of price. Some of the best swing traders have been master tape readers."

New Thinking in Technical Analysis page 8.

Someone on another thread was talking about pure price action, tape reading etc. The point for me was not to get too bogged down with indicators, etc. Also don't fall in love with your position, this is the hardest one for me. I wonder how many traders could make money with just a bar chart and a generic platform. To me tape reading is simply watching the market. Probably the way to have the least distractions (preconceptions) would be no indicators.

 

[mbusch]

Quote from kinggyppo:

Probably the way to have the least distractions (preconceptions) would be no indicators.

Oh, you must mean the following system:

"Holy shit, it's going up! I better close out my shorts and get long!!!"

"Aww crap, now it's going down! I better close out my longs and get short!!!"

Ah yes, I know that system well. I've even made some money with it.

 

[JSSPMK]

Indicators, when used wisely, are the paint on a canvas.

 

[kinggyppo]

Quote from mbusch:

Oh, you must mean the following system:

"Holy shit, it's going up! I better close out my shorts and get long!!!"

"Aww crap, now it's going down! I better close out my longs and get short!!!"

Ah yes, I know that system well. I've even made some money with it.

Yeah, I am sure some people got whipsawed today. GS went from $198.00 to $188.00 back up to $197.00 and all in two hours and from what I hear taking the market with it.