ES Journal Archive (2006 - 2008)

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I love days like we had today.slow grind then a bump up at the end.

I wonder how many shorts opened up fresh positions today?I know a bunch of traders got short at or around 1520 like apex did.Hes now 25 points underwater.

then theres people like spooz top who have been shorting this rally all the way from 1375.

so , with all these trapped shorts, I think 1600 is in the cards once we close above 1552.

blackguard
 
Quote from islands111:

I wonder how many shorts opened up fresh positions today?I know a bunch of traders got short at or around 1520 like apex did. He's now 25 points underwater.
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I'll bet you a steak dinner at Ruth's Chris (the most expensive steak place I can think of) that he's not. :)
 
Quote from atticus:

Sorry, typo. It's a 54 stop. I don't trade with 2 handle stops on ES. I typically go 1:1 on the first tranche.
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I could not resist either with a short at 42.75. If we get any type of sell of overnight and tomorrow into the end of the quarter I think next week can see more selling with no more end of the quarter artificial support and a realization that although the economy is not going to crap, there is certianly more room to go lower than to set new highs. Only caveat is some firms announcing in the coming weeks which could still put a fire under the market.

We will see...
 
Nice. I'm short as well. Europe should be telling.

Quote from atticus:

Sorry, typo. It's a 54 stop. I don't trade with 2 handle stops on ES. I typically go 1:1 on the first tranche.
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Well, I'm a far better reactor that I am a predictor but I've been long for a few days on the ER2 based on the "prediction" of a bull flag confirmation, which I got today.

If the market decides to sell hard (not retrace) I will most definitely see the bearish trend in the intraday charts and capitalize in scalps but if it decides to keep on reaching new highs it should be a double pay off.

ER2 swing plan attached.

Anek
 

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My working hypothesis is that we are in a large trading range from 1370ish to the all-time (nominal) highs. I suspect we might get a fake breakout above the highs, just enough to get shorts to cover, sidelines ppl to pile in, and bulls to get overconfident. At that point I would buy some puts, and as soon as the market reverses back below 1550ish I would go short with a close stop. First target would be a bit below 1500.

Being more aggressive you could buy some puts here for an initial "probe".
 
Quote from Pekelo:

Damn, and I have just predicted an at least 100 points drop for the Dow tomorrow. Hey, you might get lucky and I will have a miss after such a good run! :)

Pekelo (Sep 27, 2007 3:11:01 PM)
I say tomorrow we drop 100 for the Dow
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Nah man, that was an intra-day trade only. I exited with a whopping 1.5 pts ES of profit before the close. :D

All-in-all being here made it a rather fun day, rather than the slow (but profitable) grind it was turning out to be.
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Based on your history of calls, I definitely don't want to trade against you, and I'm looking for an opportunity to get Short if I get the setup.

Good trading,

JJ
 
Quote from islands111:

I love days like we had today.slow grind then a bump up at the end.

I wonder how many shorts opened up fresh positions today?I know a bunch of traders got short at or around 1520 like apex did.Hes now 25 points underwater.

then theres people like spooz top who have been shorting this rally all the way from 1375.

so , with all these trapped shorts, I think 1600 is in the cards once we close above 1552.

blackguard
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LOL, if so, you're going to get all the credit for making this call!

JJ
 
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