ES Journal Archive (2006 - 2008)

[volente_00]

may be moving

 

[volente_00]

Quote from tommymoose:

Yep, kinda disappointed the market didn't want to drop a few more points before taking off this morning... oh well, when I'm trying to pick a 2.5 point zone I gotta play it ultra-conservative-best-case-scenario style to avoid taking too many losses. I see 1 somewhat major resistance zone at about 1478 from the daily chart highs trendline, but I still think long is the side to be on for another 20-25 points.

don't feel too bad, I was long at 1435.25 last night and sold out at 37 because I was tired. There were plenty of chances to get back in today and it was evident as the pullbacks we had were on descending volume.

 

[brotherben]

happy trading wherever you go.......the retracements on lower volume is good but also the good trendline shows angle that says same....plays into trading my near and with the trendline rule....severity of angle is good stuff....hard run slow turn..

 

[BoyBrutus]

Quote from erlewine:

Anyone notice the rather large size on the ES book today?

In the morning it looked like spoofing, but all afternoon ES was 2000/3000 up (with size posted behind), and the orders were trading.

Jeeze, do you think they knew something. I have seen similar days and action before

 

[Spectre2007]

Quote from BoyBrutus:

Jeeze, do you think they knew something. I have seen similar days and action before

letter to Dear Abby, from Bernie.

 

[elovemer]

530am break down.... BOOM
67...57

 

[mbusch]

Quote from elovemer:

530am break down.... BOOM
67...57

56 is the expected 50% retracement, after which more upside seems likely.

 

[mbusch]

Here's my 240-tick chart that I used to track yesterday's move.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586608 width=600>

Yesterday, I tried something I'd not done before: Trying to identify each major wave movement of the price action and draw yellow lines connecting the swing highs and lows in real-time (rather than after the fact). I found this exercise incredibly helpful.

Note the circled double bottom where I got long, Also notice the AB=CD price projection at 1466.50 where I exited the long trade, 5 ticks short of the ultimate top.

Also note that the AH action has retraced the rise from the double bottom almost exactly 50%, so I'm looking to get long here. The exact 50% retracement point would be 1456.00 and so far we've missed that by 2 ticks.

BTW, that double bottom is also the right shoulder of the reverse H&S, which is one reason why I presume we've got considerable upside to go from here.

NOTE: To see this chart in full-size, click on the attachment link below.

 

[mbusch]

Here's my 15-minute chart showing the reverse H&S.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586612 width=600>

Again, click on the link below to see the chart full-size.

 

[JSSPMK]

same 3rd failure swing now on ES 4 hour chart, when it's 3rd it's normally the one that triggers.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586607>