ES Journal Archive (2006 - 2008)

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Good morning, all. (Welcome back, Apex!)

I awoke to good news and bad news. The good news is that I left an AH short on from 1462.25 before I went to bed. The bad news is that I also left a buy order on at 1452.25. That would have been an inspired exit point if the support at 1451 had held; but it didn't. So my overnight gain was only +10 instead of +20. But I'll take it. :)
 
Quote from Mins:

You let that trade go 9 points against you at one stage. Where was your stop?
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I intentionally left it wide open since I intuitively knew that it wasn't going anywhere. As a matter of fact, 1463 held up to be a major resistance (or rather a down sloping trendline) and I added to my short near the 63. But then that's just me.
 
If there's any justice in this world, ES will retrace 50% to 1452 (where prior support has become resistance) and let us get in short again for the rest of the ride down.

Nah, too obvious. :(

Aha, how about one of Apex's patented 78.6% retracements to close the gap, and then fall off the cliff? I love that scenario! :)

In any event, I already see a reversal bar on the 5-min and if I see one on the 15-min I'd be inclined to go long on a close stop and try to milk something out of the bounce on a counter-trend basis. The likelihood of declining 20 points without some sort of bounce strikes me as small.

Then again, there's Spectre's gut... :eek:
 
Quote from mbusch:

If there's any justice in this world, ES will retrace 50% to 1452 (where prior support has become resistance) and let us get in short again for the rest of the ride down.

Nah, too obvious. :(
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Actually I have my eyes set on 47. Farfetched?
 
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