ES Journal Archive (2006 - 2008)

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No perceptible trend today so far. We may be destined to chop between mid-50s and low-60s for awhile until the market decides to break out of that range in one direction or the other. One can make good profits trading the chop if it stays as predictable as it has been so far. The key is having the patience not to try to jump in somewhere in the middle of the range.

EDIT: Now approaching the critical 63-64 zone once again. If we can breakout above that, the game is completely changed.
 
Quote from kinggyppo:

adp jobs preview positive, pretty nasty selloff yesterday looking for a rebound. Nothing wrong with the sidelines, I am keeping a pretty tight stop in case I am wrong. :) Good trading. Long GS as well.
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cover GS, XLF getting into value zone.
 

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Buying has been coming in in the 58-59 area, which suggests that perhaps this range-bound chop will ultimately resolve to the upside.

OTOH, one must be vigilant for a Wyckoff thrust here -- a headfake to the upside followed by falling off the cliff.
 
Quote from mbusch:

Beautiful! Closed out at 1461.50 for +5.00. Almost bailed on that one a few times, but kept trailing the stop and hung in there.
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great job, dude!

i'm lurking, but very impressed....:)
 
Long from 1459.75, small.

EDIT: Stop to b/e, trailing up.

EDIT: Ya gotta give the buyers credit for persistence here. They keep bashing up against the ceiling at 1463.00, get knocked back, and keep trying again. I don't have any real confidence that they'll make it through resistance here, but that would be nice. My stop is set at a +1 point profit on this trade, so I can afford to be patient here.
 
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