ES Journal Archive (2006 - 2008)

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once again..... bull divergence on 15 min chart at 7:30am
...big trading happening at 8:00am, 8:30am
....15 min entry would be false downside breakout of bull flag....
....or upside breakout....
....let's see if big volume comes in again at 9:00am
...from 1534 divergence....
pt1 would be 9 points.... or 1543
....expecting upside flag breakout at 9:00am
Quote from elovemer:

...class B bullish divergence at 7:30 ...36.50
....entry would be a later bar around 38....
...15 min chart.... target 9 points or 37+9...46
... i did not take this trade....
.... respect to all my teachers on this board... :0)
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"Longs only" should be continue to be the order of the day. Is there money to be made on the short side? Yes, but it's better to bypass it for now and trade for extended gains. As always, risk should be managed properly so as to not lose more than 2 percent of total liquid net worth.
 
GAP curiosity.
There was a gap to the upside with opening RTH price action on 9/13/2007. Close of previous day was 1486.50 (which was also the high of the last 5 minute bar in RTH for that day, Wed. 9-12).

On Friday, 9-14, I mentioned that in the overnight, prices dipped to virutually fill that gap from the previous day and my question was:

Will prices have to move to that level (gap fill) during the RTH (because, afterall, the gap is created by RTH prices).
On that particular day, once RTH started, price did move to and print (exactly) at the high (which was also the close) of the last 5 minute bar of 9/12.

Today, 9/20/2007, the same price movement has occurred.
The high and the close of the last 5min bar from 9/18/2007 was 1533.50.

In today's overnight, the swing low has been 1533.75.
My curiosity remains: Will prices RTH close that gap RTH. I consider anything within 3 tics close enough.
 
Gaps don't have to be filled ---ever. Best to find a bias and trade a fresh signal in the direction of that bias. Example: If the bias is long and price fills a gap to the downside, you will most likely get a fresh long signal at some point. Gap analysis adds one more very subjective variable that can be wrong. Gap analysis is unnecessary in trading and should be discarded. :)
 
Quote from apex82:

I moved it down because I wanted to be below the pivot low in the afterhours in case they made a run for my stop. It was only 3 ticks to sacrifice which kept me out of the noise of the afterhours sharks.
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The question was not why you moved it down, it is why did you wait till hours after the fact to post it when the ES was some 15 points higher. Had some newbies been following your trade they would have been left holding the bag.
 
Quote from volente_00:

How can you be bullish when there is a gap sitting under us at 1411 cash ?
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Because I don't pay attention to gaps. I am unaware where gaps are and did not realize that there was the gap that you mentioned. I also do not pay attention to the cash index as I am not trading it, I am trading the futures. When I say longs are the order of the day right now, it doesn't necessarily mean to go long right now, rather it means look for fresh long signals or stay on the sidelines. If that means missing a shorting opportunity, then so be it. As you know, I am not interested in 2 and 3 point gains, but I am interested in trying to nail down the big winner with full position on. :)
 
Quote from Buy1Sell2:

Gap analysis is unnecessary in trading and should be discarded. :)
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exactly. agree 100%.Never used gaps and never will.I can pull up numerous charts where the gaps were never filled.

I wanted to mention to everyone buy1sell2 and apex have the best 'macro' outlook of anyone on this site.Listen to what they are saying and base your trades off of that.

like b1s2 said, we may be down a few points today, but bulls have this market in hand until further notice.

blackguard
 
Quote from islands111:

I wanted to mention to everyone buy1sell2 and apex have the best 'macro' outlook of anyone on this site.Listen to what they are saying and base your trades off of that.



blackguard
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I appreciate the nice comment, but DO NOT base your trades off of anything I say. Make your own decisions. :)
 
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