ES Journal Archive (2006 - 2008)

[saliva]

We're heading lower fellas! Short 10 lots @ 1478.50

My crazy projection is that this sucker will go down by as much as 10 points or more. My alter ego says "keep dreaming".

 

[Spooz Top]

Quote from smilingsynic:

Gary Smith points out in his books on daytrading S&P futures how these mid-day swoons can be scary but are generally bullish for the afternoon. Note how the price snapped back after taking out the so-called "breakeven" stops all the way down to 78.25. Swoon drives out weak longs, who sell their contracts to those who will then resell them higher during the afternoon rally. Indeed, this is going on right now. For how long, who knows?

thanks for sharing that synic ..& he may be right but i don`t have much respect for gary b smith as a futs trader whatsoever......imo he`s nothing but a salesman out of a cramer mold.

 

[smilingsynic]

Quote from Spooz Top:

thanks for sharing that synic ..& he may be right but i don`t have much respect for gary b smith as a futs trader whatsoever......imo he`s nothing but a salesman out of a cramer mold.

Not the same Gary Smith. This is a different guy.

 

[Spooz Top]

Quote from smilingsynic:

Not the same Gary Smith. This is a different guy.

apolagies are in order then... my bad.

what`s the name of the book?

 

[JSSPMK]

Go North

re-test 1476 and bounce, otherwise it's only 1-2 point stop

1.43pm momo building, indicators rising

needs to hold pivot

 

[smilingsynic]

Quote from Spooz Top:

apolagies are in order then... my bad.

what`s the name of the book?

Here is a link (not that I would necessarily get it from this source).

http://www.amazon.com/Dream-Profita...5982437?ie=UTF8&s=books&qid=1189099440&sr=1-3

Good book on price action, but Smith would be the first to say that not all of his indicators and other approaches would work anymore.

That said, there is no one book that will teach anyone how to make money trading the S&P. The best teacher is experience.

 

[Spooz Top]

Quote from smilingsynic:

Here is a link (not that I would necessarily get it from this source).

http://www.amazon.com/Dream-Profita...5982437?ie=UTF8&s=books&qid=1189099440&sr=1-3

Good book on price action, but Smith would be the first to say that not all of his indicators and other approaches would work anymore.

That said, there is no one book that will teach anyone how to make money trading the S&P. The best teacher is experience.

the best teacher & the only teacher is putting in your time....day after day... ....thanks for the link.

that active lo is still bothering me & keeping me out of longs here at the 50%............i`m a bit above my quota so i`ll be looking for cherrys only.

 

[vertigo3]

Spooz Top,
what do you mean when you use the term "active lo?"

 

[Spooz Top]

was able to kick some runners near the HOD....

 

[smilingsynic]

Quote from Spooz Top:

the best teacher & the only teacher is putting in your time....day after day... ....thanks for the link.

that active lo is still bothering me & keeping me out of longs here at the 50%............i`m a bit above my quota so i`ll be looking for cherrys only.

On choppy, trendless days like these, unchanged represents the fulcrum; price extremes do not last, and price is magnetized back to the previous close (used to be the open, until overnight electronic trading changed that). I would not at all be surprised if the afternoon rally reached in the low 80's and then closed right at the 1476 area. At least that's how I'm playing it.