ES Journal Archive (2006 - 2008)

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My short add-on at 1440.50 was ill-timed. Closed it out at breakeven when I saw retracement developing.

Initial position still short from 1444.75 with breakeven stop.

EDIT: Damn! My initial short just stopped out at breakeven. If this is a bear flag (from 11:10 ET), it's a doozy!

Now flat. :(

May have to do this all over again. Seems like a lot of work. :)

EDIT: This ain't no flag. It's a bona-fide re-test of the zone. Bulls, I'm impressed!
 
A retest of the most recent intraday swing low (1437.25-1436 area) might spark a half-hearted recovery to 1450 (intraday). The pattern of a low and a retest would be similar to chart pattern poster earlier from June Tues of Option Expiration week. It would be a Wyckoff spring possibility.
 
Quote from vertigo3:

A retest of the most recent intraday swing low (1437.25-1436 area) might spark a half-hearted recovery to 1450 (intraday). The pattern of a low and a retest would be similar to chart pattern poster earlier from June Tues of Option Expiration week. It would be a Wyckoff spring possibility.
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Because of the strong V-bottom rally over the last half hour or so, a Wyckoff spring in the area of today's lows would be a great potential trade in terms of risk/reward. I'll be looking for a good buy point there.

It may not get there, but that's OK. Good swings already today.
 
Well, that was interesting, wasn't it?

S 1448.50
BS 1449.25 (3 ticks)
PT 1434.50 (14 points)

Probably premature, definitely not confirmed, but I figure for 3 ticks of risk, what the heck? :)

At 11:58 I got a very overbought RSI (78.7) and a nice spurt of up-volume strongly suggestive of a top. Fingers crossed.

EDIT: Nah, no follow-through. Closed out at breakeven.

So far, today has been a lot better for scalpers than long-ball hitters. :(
 
My take on how things play out:

SPX stabilizes in this general area and rebounds to appx 1500 before rolling over and resuming its down move.

Intermediate-term, not saying it will go to 1500 today! :)
 
Quote from smilingsynic:

Because of the strong V-bottom rally over the last half hour or so, a Wyckoff spring in the area of today's lows would be a great potential trade in terms of risk/reward. I'll be looking for a good buy point there.

It may not get there, but that's OK. Good swings already today.
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Got my buy point. Thanks, Dick.

EDIT: Out at 41; bot qt 37.25--better than nothing. Late afternoon, the springs and upthrusts don't work well for daytrades. For swing trades that last a few days, buying weakness is a different story.
 
Quote from atticus:

Out of 5 at $34.70. +7.30. Current mark, 34.20 x 35.30.
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Spending too much time at the lows... covered the remainder at 35 for $7.15 net on the 10 lot.
 
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