ES Journal Archive (2006 - 2008)

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Quote from Mike Okistini:

How much heat will you take before bailing?
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I have hard stop orders on my position trade, but would prefer not to post my stops.

I do think there's a good chance I've taken all the heat I need to, and may well tighten my stops as this price action plays out.
 
Quote from mbusch:

This price action is quite fascinating. Could we be looking at a Wyckoff thrust? Or a diamond reversal (top) in the making? Hard to say just yet, but either is a possibility.

Still short from 1485 in my position trade.

Not yet prepared to go short in my daytrading account without further confirmation, but my gut feeling is that 96 was likely the top.
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Intraday, there definitely WAS a Wyckoff upthrust. Two tip-offs: (1) a rapid retreat down after the new high (within a few minutes); and (2) high volume on the new high. The trap was sprung.

For the record, I didn't trade it. I don't trade the first thirty minutes ever. When I analyzed by P/L by time a few months ago, I learned that I suck the first 30 minutes (get chopped up), so I start at 10:00 now.
 
Quote from elovemer:

... nice detailed article on Wyckoff spring...
... too big even zipped so i have to post the link to it...
SPAMwww.hankpruden.com/MTWyckoffSchematics.pdfSPAM
... maybe someone else can post it zipped smaller than i can...
.... edit..... back up to shoulder level now.... will be interesting to see what happens after opex week.....
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thanks elove and mbusch...very helpful.
 
I left a resting order at 1495, with a 3 point stop in the overnight. Nice to see it got hit while I'm at work. I just lowered my stop to 1493 to lock it in. 1490 has been a MAJOR level in SPX over the past 6 months plus its the 50% retracement from the 1520 high. I dont think this will be a major top before a big move down since I dont see much divergence going on in any timeframe, but at least there is this small bounce.
 

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Quote from Buy1Sell2:

Staying short ES for now. Full position. :)
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Buy1Sell2: Your exit strategies are interesting to say the least. You shorted your full position at 1511--had an unrealized gain at around +71 points and we are now approaching where you shorted. From my vantage point entries are important but it is the exits that define excellent trading. This is the second time in the past 4-5 weeks that I have seen you fail to take profits at very important support levels.

DMartin
 
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