ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Shit, with this kind of volatility, no thanks!Quote from saxon22:
There is still 1 1/2 left. Make the best of it.
3:30 should bring some movement.
However, if my memory doesn't fail me, I did mention yesterday that should the market be pumped up on low volume today, there might be one helluva market correction in the coming weeks. Now, where can I sign up to join the next bear raid?
It was the low this morning. A violation of the low suggests an imminent move to 31, in order to "fill the gap." If the market holds, the market should close near its highs. If it doesn't, so the theory goes, the market will close near its lows (new lows).
Thanks for the clarification, but I find it hard to subscribe to that theory. First, the price did break below 37.25 but came down to only 36.75 before reversing yet again. If we break below 36.75, what makes you think it'll close the gap this time around? Maybe it'll retrace to 36 or 35 and then meander in the void, considering that the volatility is so anemic.
Yes, a negative close would not fit with the "plot", would it?
Sometimes the powers that be want the market to have a "happy" ending, to encourage buying; and sometimes they want a "sad" ending, so weak holders have all weekend to think about their losses. They panic, and dump their holdings Monday morning, which are then bought and marked up.
As for today, I can't tell how the story's going to end. That's triple-witching for you!
hope we'll see 1529
want to go long there
want to go long there
Sell stops.
Price briefly crossed above yesterday's high and then promptly went back. That suggests that there is no active buying above the low 40's (if there were, the price would be above that now). Some would say that today's move represents a failed attempt to get above Wednesday highs, a failure swing.
If there are no buyers, there are two options--no movement, or downward movement. Strong action under today's low would indicate that the sellers are in control, and the first target would be yesterday's close, hence "filling in the gap."
I have time to post this, btw, because the market is giving no clear signals where it wants to go. The best course, imo, is to do nothing (or go home--too late for the beach :-( )
average up long 39.50 sl 28 tp 60
dont tell me the honeymoon is over already....lets go to the moon.
dont tell me the honeymoon is over already....lets go to the moon.
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