ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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FYI, I decided not to take a piece off, but rather to hedge the position against the expected bear-flag bounce with SPY 155 calls (OOM). I plan to close out the calls when I sense this bear-flag bounce is about done, which I anticipate happening somewhere in the 1515-1519 area. (and we just touched 1515 so it could be any time now).
Quote from Buy1Sell2:
I believe there is a bit of a short bias on the daily here. Short at 1511.00. Full position.
Going out for the rest of the day. This is not a daytrade, so no need to watch. Good trading all--
hmmm
was about to open up a long position but held off.
we'll see........
blackguard
curious to see price action right at these levels
1514.75-1521.50
Would expect this first test to attract some sellers and prices consolidate and/or retrace
battle zone 1514.75-1521.50 is based on a simple calculation I run everyday, it is the Pivot Point (24 hour globex) plus and minus Crabel's 10 day stretch (explanation of the stretch can be found at mypivots.com)
if today is going to be bearish, minimal movement into this zone is likely, it should act like a cap for prices.
1514.75-1521.50
Would expect this first test to attract some sellers and prices consolidate and/or retrace
battle zone 1514.75-1521.50 is based on a simple calculation I run everyday, it is the Pivot Point (24 hour globex) plus and minus Crabel's 10 day stretch (explanation of the stretch can be found at mypivots.com)
if today is going to be bearish, minimal movement into this zone is likely, it should act like a cap for prices.
Price is in congestion near the day's highs. That sounds bullish to me, at least on an intraday basis. Buy stop in place.
EDIT: Market back in morning range. Buy stop order cancelled. No positions.
EDIT: Market back in morning range. Buy stop order cancelled. No positions.
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