ES Journal Archive (2006 - 2008)

[Spooz Top]

Quote from vertigo3:

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

the price action base at/near 78.25 just before making the higher hi should`ve held in order to keep the staircase going....sellers came in hard & took it out quickly with 2 strong bars...there was a reason for that PA.

 

[JSSPMK]

Quote from smilingsynic:

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.

That's what I think might happen, not including last 15-30 minutes of course.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1594868>

 

[JSSPMK]

conditions have changed

 

[brightstone]

Quote from JSSPMK:

conditions have changed

which ones?

 

[JSSPMK]

Quote from brightstone:

which ones?

Was bullish, but started to see weakness in declining histogram and failure to make a break

 

[brightstone]

I see area of price consolidation 78-82
Resistance 87 then 97

 

[BoyBrutus]

uneventful afternoon

But get ready for an early start - Non-Farm Payrolls

Friday, September 7, 2007 Exp Prev
ET/GMT
0830/1230 Aug Employment
Non-Farm Payrolls +92K
Unemployment Rate 4.6%
0940/1340 Aug ECRI Inflation Gauge 119.3
1000/1400 Jul Wholesale Trade
Inventories +0.5%
1500/1900 Treasury STRIPS

 

[saxon22]

Quote from JSSPMK:

Is that a joke?

Looks like price is basing to take out pivot.

Do you still think it was a joke???? price never reached 1485 But it did decline to around 1476. Assuming I would use my system and went short at 1481, 82, 83, and 84 and started unloading at 1480 I would make some nice coin.

 

[smilingsynic]

Quote from saxon22:

Do you still think it was a joke???? price never reached 1485 But it did decline to around 1476. Assuming I would use my system and went short at 1481, 82, 83, and 84 and started unloading at 1480 I would make some nice coin.

Your method would work wonders on trendless days like today; it is TREND days that you have to avoid. If you can avoid the buzzsaw of the parabolic move, you'll be able to smoke a victory cigar instead of the Pall Malls!

The good news is that there are ways to determine, an hour or so in, what kind of day it is probably going to end up being. For example, if the 9:30 open is a gap from the previous afternoon's close, look out if the gap is not filled. Gap (or strong move) plus mid-day consolidation equals late afternoon continuation. JMHO.

 

[JSSPMK]

Quote from saxon22:

Do you still think it was a joke???? price never reached 1485 But it did decline to around 1476. Assuming I would use my system and went short at 1481, 82, 83, and 84 and started unloading at 1480 I would make some nice coin.

No, I thought you joked about catching exact high & low down to a tick and some.