ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Quote from Buy1Sell2:
We have not had a strong bullish pattern intraday in the past two days except for the 5 minute chart that I pointed out yesterday. What I would really like if a retracement and bounce off of 1535.00 and then I think we would have a strong bullish pattern.
with your stops safely under 35????
i believe you have to be concerned here should we trade below 34/35
I use mental stops, so yes they are safely under 35. I look to a convincing move below 18.75 as a place to reconsider. I personally think we need some more down action here to get a good setup. That being said, we don't need a pattern to go in any direction. Pattern is nice , but not totally necessary.
1 week before FOMC. Market indicators forecasting rate cut. They are probing low for liquidity to load up for FOMC.
Now that we have retreated and touched 35, we need to bounce from here. If the bounce is not significant today, I will most likely get rid of the 4 contracts that I took a couple of days ago at an avergae of 1554.00. I may also consider removing the rest of the ES position as the weekly chart will have some negative tone to it. If we get a bounce that shows conviction, I will hold. I will hold the original NQ position regardless.
(I would like to come down and touch this area one more time. Maybe at 33 to 35 and then bounce.)
(I would like to come down and touch this area one more time. Maybe at 33 to 35 and then bounce.)
I feel confident in this..
errr.. at least my short .63 USDJPY hopes so.
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