ES Journal Archive (2006 - 2008)

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Trading ES intraday (I was out of the office between 11-12 EST, the only real trend) has been like playing fullback against the best run defense in the league: you earn every yard, and every yard you earn hurts. Painful 2 1/4 points today.

The anemic bounce, if one is bold enough to call it that, over the last two days suggests that the 1490's are imminent. Not that I would like that to happen, as that would stop out some of the stocks in my IRA, but the market is what it is.
 
Quote from Spectre2007:

expecting 1570 by Fridays AH close.
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ImO 4 hour chart hasn't yet balanced out and therefore logical to expect more downside before any potential upside to your expected levels, but good luck nevertheless :)
 
Quote from JSSPMK:

50% zone seems to be a good buying point providing lower frame charts concur putting in a buying pattern, most likely a divergence will occur on 4 hour and 2 hour charts.

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1651879>
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Thank you JSSPMK for keeping this thread alive today :p

I also think that this recent rebound was just reactionary. IMO it lacked conviction that the sell-off had. Ideally I'd like to see the 1530-1534 area for a low-risk short. Trendline resistance plus some previous pivots and a couple fib-levels on 2 different ranges. Then in my perfect trading world we head back down to 1481-1486 for a beautiful opportunity to go long :D Just throwing out my 2 cents.
 
Quote from tommymoose:

I also think that this recent rebound was just reactionary. IMO it lacked conviction that the sell-off had.
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Short of some huge news event (like another .50 FOMC rate cut), you could hardly expect any rally to have THAT much conviction. The sell-off was vicious. Rebounds aren't often vicious...except maybe at blowoff tops just before a crash.

There's a good reason for that: Fear is a stronger emotion than greed. In fact, neurobiologists have shown that it is about twice as strong. Some really fascinating work has been done in this area that shows that human emotions are extremely asymmetrical (and irrational) when it comes to dealing with matters of profit and loss.
 
Quote from mbusch:

Short of some huge news event (like another .50 FOMC rate cut), you could hardly expect any rally to have THAT much conviction. The sell-off was vicious. Rebounds aren't often vicious...except maybe at blowoff tops just before a crash.

There's a good reason for that: Fear is a stronger emotion than greed. In fact, neurobiologists have shown that it is about twice as strong. Some really fascinating work has been done in this area that shows that human emotions are extremely asymmetrical (and irrational) when it comes to dealing with matters of profit and loss.
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Interesting study. We can all relate to it too I'm sure- at least I know I can.

Anyway, I guess it just seems like a bear-flag to me, making its way up the 10min trendline from 1492.50, just enough to avoid breaking it, not enough to go parabolic or really pull away from it. Either way the market goes is cool with me though- I'm just looking to spot certain zones that could offer low risk entries.
 
short term sentiment trade... short 10 @ 1517 sl at 1530

TP...1400

I hope the merill news is really really bad... :)

I can't wait to make 117 handles on this trade.

another 10 @ 1517.50.... (keeps his fingers crossed)

prays to the spooz gods....oh ali baba... I promise to honor my stops on all trades.
 
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