ES Journal Archive (2006 - 2008)

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even though i expect a 3/5 point gap tomorrow ,i`v decided to get flat here at 50.75 from 47`s....& start with the clean slate.if the gap opens where i anticipate it to...i should be looking good going into the afternoon session......as of right now we``re sitting right on the fence of a 10 point zone.
 
Quote from Pekelo:

Pekelo (Oct 2, 2007 4:09:12 PM)
I say the Dow drops 200 points in the next 2 days
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After bottoming at -96, the Dow closed at -78, so I say we got there halfway.... :)

Let's see if we get the second half tomorrow....
 
Quote from satchel:

Much as I suspected from yesterday. Took it easy today. Barely touched '60. Not a full reversal, but still good. The pivots were banded close today, which meant on the look out for a break up/down but more likely stuck in range. Still waiting for full '50 (1st Support).
Swing trade day 2 short.
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Day 3, not much to add. Again unusually tight bands today. Day 3 swing short.

Can you say distribution.
 
Quote from Pekelo:

What you are describing is a "new" chartpattern, I call let's say "almost failed W bottom". It has been happening more and more often recently. Today's version can be seen best on the NDX chart.

Here is how it works: W bottom forms, then it fails to pass the middle level of the W and falls lower then the 2 previos bottom. But from there it rallies back forcefully.

On ES the first bottom was at 1547.50 around 2 pm and the second came 30 mins later at the same level. From there it was only be able to come up to 1549.25 and fall further back to 1546.50, below the previous 2 bottoms. And the rally came from there, going up to 1551.50...
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Another way to possibly look at it is on the big decline you had a strong resistance TL with 3 touches, which then became the support TL that needed to also get that 3rd touch before bottoming for good.
 

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When playing the M tops and W bottoms just wait for middle swing closing confirmation as illustrated with a white circle on the chart attached.

Fairly simple stuff.

Anek
 

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Quote from Anekdoten:

When playing the M tops and W bottoms just wait for middle swing closing confirmation
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True and thanks for the chart. But some of us greedy bastards like to go long earlier, right at the double bottom. In today's example there was 4+ points to be made. Had we waited until it passed the middleswing of 1549.50, the points to be made would have decreased to 1.5-2 pts...

So my point was with the desribed pattern that when the double bottom fails, don't panic just hold on or even average down and there will be a forceful spring effect rallying back up...

The depth of the last drop usually equals or less than the hight of the middleswing....
 
Hello, look at EFUT that was one of the most hot pieces yesterday. There was triple top and bottom repeating whole day. 3 wave day for it.
Quite strange action, I wish I caught more than one break.
 
Yesterday, I felt that there was a better than even chance of a decent upwards move. It didn't materialize although there certainly was support. Today, the chart looks better than yesterday for upside potential with the shorter term charts now aligning themselves better with the daily and weekly.

I am holding DEC NQ here long and also the smaller 8 unit DEC ES long here. I will consider selling the DEC ES position at 1600 sometime this month although if there is no sell signal there, will most likely let it ride. :)
 
Quote from Spooz Top:

even though i expect a 3/5 point gap tomorrow ,i`v decided to get flat here at 50.75 from 47`s....& start with the clean slate.if the gap opens where i anticipate it to...i should be looking good going into the afternoon session......as of right now we``re sitting right on the fence of a 10 point zone.
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looks like the gap went north 3 points....& only caught the top of my pyramid at 48.25......was looking for 44/45 on the overnight dip where the base of buy limits were sitting.

buyers were eager & meant business down there in the 47`s & would`nt give it up again.
 
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