ES Journal Archive (2006 - 2008)

[Anekdoten]

Quote from dmartin:

So we now have the birth of a new trend and your telling me you wouldn't have taken some off the table at or near the highs--highs which have proved serious resistance? Let's let the week play out and see what happens. Should be interesting!

I have yet to see evidence of a birth of a new trend. The trend is being tested but anything past that is pure speculation.

In fact, I would be extremely careful about shorting a retracement to trendline support on what has been a solid uptrend, extremely careful.

When and if we get the confirmation, then we can re-act.

Anek

 

[dmartin]

Quote from Anekdoten:

I have yet to see evidence of a birth of a new trend. The trend is being tested but anything past that is pure speculation.

In fact, I would be extremely careful about shorting a retracement to trendline support on what has been a solid uptrend, extremely careful.

When and if we get the confirmation, then we can re-act.

Anek

Are you long or short? I have been short since 10/7. What is your status?

DMartin

 

[Anekdoten]

Quote from dmartin:

Are you long or short? I have been short since 10/7. What is your status?

DMartin

I was long on the ER2/NQ based on a bull flag formation on the daily but I rarely swing trade because sadly, I don't have the right discipline for it. Something about sleeping with a position on that makes me uncomfortable.

Now, tomorrow when the market opens and I get to see how price action prints my chart I will have absolutely zero problem being short long or standing on the sidelines so I suppose my status is flat.

Needless to say, I wish you the best on your short.

Anek

 

[dmartin]

Quote from Anekdoten:

I was long on the ER2/NQ based on a bull flag formation on the daily but I rarely swing trade because sadly, I don't have the right discipline for it. Something about sleeping with a position on that makes me uncomfortable.

Now, tomorrow when the market opens and I get to see how price action prints my chart I will have absolutely zero problem being short long or standing on the sidelines so I suppose my status is flat.

Needless to say, I wish you the best on your short.

Anek

You are correct, no one knows for sure which direction the market will go. My indicators say we move lower. I still find not taking partial profits at important resistance levels a bit goofy.

DMartin

 

[JSSPMK]

Quote from Buy1Sell2:

This is a divergence that to me indicates a consolidation phase and not a reversal. Certainly a divergence though.

TY! I have now changed my mind, I believe you are right, ImO FDAX would have sold off by now, instead it's holding ground & now there is a beginning of a bull divergence on the 60 minute chart, a possible short squeeze in the making. What's Volente's rule on Tuesdays?

Very similar picture on ES 60 minute chart.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1643190>

 

[volente_00]

Quote from dmartin:

Apparently, he doesn't have stops anymore and just goes with his long or short biased positions based on divergences, etc. If he makes money when the market goes from 1586.75 to 1560 then more power to him. Lets see where the market ends the week and where Buy2 Sell1 gets out of this trade. Why wouldn't one take some profits off at the highs (1586.75) which have proved to be serious resistance is a bit goofy. Would someone please communicate to me the logic in that manner of trading.

DMartin

You are missing the point. It does not matter what his trades are, what mine are or what ANYONE else's are. In the end it is YOU that has to stand in front of the mirror and face the reality that the only trades that matter in this game are YOURS.

 

[volente_00]

Quote from Spooz Top:

Exactly on that one........as well as myself using S&P rule of 10 & it`s eqivilent ,Dow rule of 100 since 1997..........standard measurement for any futures/index trader in the industry.....................

Where do you get that info from ? I have never heard of rule of 100 or rule of 10 until I started posting about it 2 years or so on the YM thread I started. Just curious where you first heard about it from because I have never seen it in a book or heard about it from other traders except other than you.

 

[Pekelo]

Quote from Anekdoten:

I have yet to see evidence of a birth of a new trend.

The uptrend ended on Friday when SPX touched the upper BB. A trend is always depends on one's timeframe of course.
We also crossed and closed below the SMA 9 on the daily after bouncing up first from it, so we are clearly in a downtrend. My minimum target is when we reach or at least get close to the lower BB which is 1520-30 on the cash. I give it 5-7 trading days....

 

[JimmyJam]

Quote from Pekelo:

The uptrend ended on Friday when SPX touched the upper BB. A trend is always depends on one's timeframe of course.
We also crossed and closed below the SMA 9 on the daily after bouncing up first from it, so we are clearly in a downtrend. My minimum target is when we reach or at least get close to the lower BB which is 1520-30 on the cash. I give it 5-7 trading days....

Nice, succincnt analysis.

Would you mind showing a pic for those who like them?

Muchas Gracias,

Jimmy Jamm'in

 

[fearless9]

Quote from volente_00:

You are missing the point. It does not matter what his trades are, what mine are or what ANYONE else's are. In the end it is YOU that has to stand in front of the mirror and face the reality that the only trades that matter in this game are YOURS.

V,

Are you trying to strip the fun and fantasy completely from this thread.

Shame on you!