Just wondering, do you see it for the same reason or from some other analysis? The early morning lows at 1456 add some synergy to the mix IMO. A stop at 1556.50-1557 offers some good R/R.
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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Just wondering, do you see it for the same reason or from some other analysis? The early morning lows at 1456 add some synergy to the mix IMO. A stop at 1556.50-1557 offers some good R/R.
Quote from Spooz Top:
lookiing to remain long here into the close.....EOD hold....stop just below last active lo.
If it holds you're probably looking at a 40pt move considering all the GAPS.
***
Despite onerously bearish indice/bankers/internals price action has rebounded strongly.
I personally think it's deceptive, and haven't played any Longs, but we'll see.
Good trading,
JJ
P.S. This speaks to the conversation we had this weekend regarding taking Reversal Trades vs. Trend Trades.
If this is a true reversal, you (or at least "I") can't see it (except for the follow-through of price action) because everything else is saying "SELL"!
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Quote from JimmyJam:
If it holds you're probably looking at a 40pt move considering all the GAPS.
***
Despite onerously bearish indice/bankers/internals price action has rebounded strongly.
I personally think it's deceptive, and haven't played any Longs, but we'll see.
Good trading,
JJ
P.S. This speaks to the conversation we had this weekend regarding taking Reversal Trades vs. Trend Trades.
If this is a true reversal, you (or at least "I") can't see it (except for the follow-through of price action) because everything else is saying "SELL"!
i feel the buying pressure down here is pent up & we`re due for a big move here along with some other things i see.
cost basis is 46.25 so the r/r is there for a healthy swing....possibly into tomorrow depending on where we close.
Quote from tommymoose:
Just wondering, do you see it for the same reason or from some other analysis? The early morning lows at 1456 add some synergy to the mix IMO. A stop at 1556.50-1557 offers some good R/R.
My only reason was the way the chart looked and 55 -57was the next resistance level. I will be looking for short entry at those levels.
Quote from smilingsynic:
So far this bounce looks pretty anemic. In daytrading, I would want to see more evidence of accumulation here before buying. Until then, there is resistance at 49 and 53.75.
Shorted at 53.50; covered 12 minutes later at 54 for 1/2 point loss. Simply put, I saw little evidence of massive selling, as the volume on the pullback was noticeably weak.
A move to 52 will invalidate the breakout to 56.25; a Wyckoff upthrust will be in place; and the top for the day, probably in.
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