ES Journal Archive (2006 - 2008)

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Quote from Prevail:

curious, why do you think there will not be a down move before the fed meeting, which is nearly a month away?
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there very well could be & that`s why i`m trading the short side evenhtough the current trend seems to be up.

key dates i`ll be trading around & up to are:

8/28 fomc minutes

9/5 beige book

9/18 policy statement

feds in a tight spot & trying to create the hope of a cut out of thin air,just like they do dollars....i`m just not buying it.the fed is terrified of stagflation....hi inflation/no growth....at least they better be because that should be their primary concern which is to fight inflation & support the US$....not lenders,hedgies,banks & stock market investors & i feel they are doing a mojor injustice to many by being so called saviors.

obviously i don`t know when or if they`ll rip it & spread it down but i`d like to have a piece of it when they do.small size until i see a blow off top/gap set up to sell into.

looks like i missed my gtc sell at 69.75 by a tic.
 
market is looking like it has gap like tendencies fo tomorrow to the upside......i`m cancelling my sells & am looking for 80 as a reaction point.....that will be the line in the sand.....intermediate term for me.
 
How did everyone feel about the reads on price action, it seemed to correlate well on the outcome.

Reading price action on multiple screens and windows gets mentally fatiguing after a few hours.

I love doing this so much, I forget to sleep well and only call it quits when I start falling asleep at the screens or wife tells me shes going to smash the screens.

Anyways I hope everyone fared well. It was evident that early on, there was a player breaking stops and then filling size. But once the Banks using the discount windows news came out, this player seemed unsure of what to do, but gained composure, after looking at the other macro markets, which didn't indicate implied selling pressure.

Chris
 
Quote from smilingsynic:

I am not going to be able to daytrade for another week or so, so I will not be able to capitalize if I am right, but when the market gaps up, and then trades down to a point that there is a swing low above the gap, there generally is at least another strong move up for the day. I would not at all be surprised if this morning's highs are challenged again.

The market has not touched the pivot point, and it's almost 2 PM. Plus a Wyckoff spring off of the lows. That is bullish action, imo.

Back to work.
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great call, ss....:)
 
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