ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
Gameplan remains to stay long here. Friday's rally without a retest of 1556.25 was a suspect rally. This is why I had stated that Monday would be consolidation (which this was in my view) and then Tuesday, we might see upwards movement. It may not be Tuesday, or it may be, but I like to stay on the predominat trend side which is long right now and then I ignore the shorter term signals that I view as countertrend. The idea behind my trading is to trade longer term and accept the ups and downs. --all the while admittinig that I don't know exactly when a move will occur.
--yes the 240 looks like it could roll over. I am staying long however.
Pardon my French, Anek, but what the hell kind of trendline is that? Where I come from, trendlines are supposed to connect swing lows. Yours touches exactly one swing low, and the rest of it is totally arbitrary -- some lows violate it while others don't reach it. That's not a trendline, it's an editorial comment.
I'm not commenting on whether the trend is up or down, because at the moment I consider it indeterminate. (To be up, I'd have to see 1585 penetrated decisively to the upside, and to be down, I'd have to see 1552 penetrated decisively to the downside.) I'm commenting on your trendline-drawing technique.
Good trading.
M,
Well, first of all, Trendlines are subjective so I can only illustrate mine.
Every chartist has his/her style mine is to avoid wicks and make them a bit loose especially if Im using a time based bar.
You don't criticize a trader's trendline, that's like saying, your wife is ugly
Anek
Well, first of all, Trendlines are subjective so I can only illustrate mine.
Every chartist has his/her style mine is to avoid wicks and make them a bit loose especially if Im using a time based bar.
You don't criticize a trader's trendline, that's like saying, your wife is ugly
Anek
Quote from Buy1Sell2:
Gameplan remains to stay long here. Friday's rally without a retest of 1556.25 was a suspect rally. This is why I had stated that Monday would be consolidation (which this was in my view) and then Tuesday, we might see upwards movement. It may not be Tuesday, or it may be, but I like to stay on the predominat trend side which is long right now and then I ignore the shorter term signals that I view as countertrend. The idea behind my trading is to trade longer term and accept the ups and downs. --all the while admittinig that I don't know exactly when a move will occur.
--yes the 240 looks like it could roll over. I am staying long however.
Not sure what youâre looking at other than divergences and grails but from my vantage point we are now biased short. Why you didn't take profits when the futures were at there highs (1586.75) and at levels which have proved difficult to move past is quite surprising (nothing goes up or down forever). Sentiment (Market Vane, AAII, Investors Intelligence) have most definitely moved to a Hyper Bearish level (to many Bulls). Also, NYSE McClellan and NASDAQ McClellan are way overbought and likewise Hyper Bearish.
Please note my post from 10/7
Let The Good Times Roll, DMartin
Registered: May 2007
Posts: 77
10-07-07 10:49 AM
I am now fading this move in the SPX. Why, the resistance in this area has been so great over the past few years itâs likely to continue.
The SPX topped out in March of 2000 at 1552.87. From there, it took about 2½ years for the SPX to lose about half of its value. And from there, it took almost twice as long -- almost five years -- for the SPX to scratch and claw its way back up to the highs, topping out about 3 points above the prior high in July of this year. That was the first retracement.
Now we have a second retracement from the August 16 low back to a few points above. This is a significant level in the SPX and with the McClellan Oscillator being so overbought this is the time to take profits and go short.
DMartin
v
Posted 10/11 before ES ran to 1586.75
Some of us SEE a little bit clearer
- Status