ES Journal Archive (2006 - 2008)

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Quote from vertigo3:

mbusch, what length bar are you looking at (that showed the divergences you became concerned about?
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240-tick chart.

Just entered a sell stop order at 1447.75. If we paint that, I want to be short! Price action presently in the zone trying to decide which way to go.

EDIT: I'm not prepared to go long unless ES gets back above 1454.00 (yesterday's RTH LOD). Presently trading within the limits of the zone. Up is still a real possibility.

So I'm short if we paint 1447.75, and long if we paint 1454.50. (Watch us stay in a trading range between the two!)

EDIT: My sell stop touched at 1447.75.
I am now short.
6-tick stop at 1449.25.
PT 1434 for +13.
 
Reminder, This is option expiration week and when prices move in one direction, the premium pump creates profits.
Puts are winning right now.
When open positions in puts (equity options) are closed, reverse price movement can easily unfold as put option sellers often hedge themselves (fully or partially) and when they unwind a hedge for selling a put, that means buying (if they had sold short the underlying to hedge themselves). This is a simplisitic view of it ( I know), but violent swings often happen Tuesdays and Wednesdays of Option expiration weeks.
 
market is trading in the meat of the zone and trying to hold.... Look for confirmation with a 15min reversal bar.. a move above 1452.50-1453. Until then the market will experience bearish pressure. This is a setup for a major squeeze and warrants a minimum move up to 1490. I would be looking for 1520 though.
 
Quote from mbusch:

My sell stop touched at 1447.75.
I am now short.
6-tick stop at 1449.25.
PT 1434 for +13.
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ES re-entered the zone and I stopped out at 1447.75 for -1.5. That wasn't supposed to happen. Presently flat and scratching my head. :confused:
 
Quote from mbusch:

ES re-entered the zone and I stopped out at 1447.75 for -1.5. That wasn't supposed to happen. Presently flat and scratching my head. :confused:
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The "noise" at S1 took you out. Short still looks good. Great trading mbusch.
 
Quote from tcosync:

The "noise" at S1 took you out. Short still looks good. Great trading mbusch.
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Could be. It did occur to me that a 6-tick stop is a bit close for a position entered on a stop order.

Still flat and watching. We've been in a low-volume consolidation pattern since 10:25, and for the life of me I can't decide whether it's a bear flag continuation or basing for a move up. I'm still inclined toward the former (bear flag), but keeping my options open for the moment.

O Lord (or Apex), give me a sign! :D

EDIT: I'm showing S2 pivot as 1452.17. Apparently you show it lower, topsync?

EDIT: Hoo boy! If that was a bear flag, we just broke out of it to the downside. I was typing on ES Journal and it caught me flat-footed. I'm now short from 1444.75 (poor entry), close stop, PT 1434.75 (10 points).
 
News that moves? Just reported 3 minutes ago, CNBC reporting that some sort of a commodity related money market fund (overnight funds) has asked CFTC to allow them to halt redemptions.
 
there you go mr volente .1452.50 taken out nicely. also the cash dow has taken out its recent lows. wmt had a huge warnings and hd was a disaster. gs has tanked again so i see no reason why we should rally. cash spoos now 8 under 200 dma. but again in the short run anything can happen so they could still rally us but over the coming few months things not looking good
 
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