ES Journal Archive (2006 - 2008)

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Quote from mbusch:

I am seeing short-term bullish divergence here. I believe we go up from here (1454).
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Although we popped 8 points after I posted this, I am not liking the price action here. Unless we get a break above 1462 soon, I'm concerned that this could be a consolidation (bear flag) for another move to the downside. Longs should be cautious until this ambiguity resolves itself.
 
Quote from mbusch:

Although we popped 8 points after I posted this, I am not liking the price action here. Unless we get a break above 1462 soon, I'm concerned that this could be a consolidation (bear flag) for another move to the downside. Longs should be cautious until this ambiguity resolves itself.
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There we go. Longs can unclench a bit now. :)
 
Quote from mbusch:

There we go. Longs can unclench a bit now. :)
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To put this in perspective, I sold 1/2 of my long position yesterday near the close, but hung onto the other half overnight. Took a bunch of heat AH, but now back overwater and hoping to exit that position profitably today.

I am not terribly comfortable being long right now. Although my charts from 60 min down are bullish, the weekly and monthly charts are extremely bearish, and the daily and 4h charts are ambiguous. In this overall context, I'm a lot more comfortable being short than long, because I believe time is on the side of the shorts.
 
I'm watching the 50% retrace along with the time 1030 :eek:

Next high maybe a great short for new lows if we get there.



Edit: I'm watching for 1440 as a main target on a new LOD and 1435, this may have already been mentioned by others.
 
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