ES Journal Archive (2006 - 2008)

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nobody in there right mind is shorting down here.

buyers like me are stepping in and waiting for a nice upsurge.

at any moment an announcement could hit and we will rocket up 30-40 points, like what happened 2 fridays ago.
 
Just covered my small ES 1332 short from yesterday at 1313 for +19. Wish it had been a larger position. Now flat. Not comfortable going long, so will wait to see if market offers another short entry from higher levels.

EDIT: MACD divergence on 5/3/2 min charts suggests we go up from here for awhile. Looks like an ABC failure swing local bottom to me. But I'm sufficiently bearish not to be willing to risk playing the upside. Color me a wuss.

EDIT: This last hour (11 to noon EST) could also be a bear flag, consolidating for another leg down this afternoon.
 
Quote from Spooz Top:

possible IVB shaping up on 60 min..........if it takes out lo...it`s negated.
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IVB suggests a reversal? In this case, to the upside? (I don't follow IVBs and OVBs.)

EDIT: We already had an IVB on the 30-min.
 
Quote from mbusch:

IVB suggests a reversal? In this case, to the upside? (I don't follow IVBs and OVBs.)

EDIT: We already had an IVB on the 30-min.
More...

yes it does represent reversal........yesterdays 3pm 30 min IVB was textbook,taking us up to 37.50 in AH from a lo of 20.

i don`t actually see any OVB/IVB setups presently on the 15/30 min charts...
 
Quote from Spooz Top:

BOT`s are just too damn efficient.........missed sells at 18/19.....less & less opportunity for descretionary traders lately.
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This couldn't be further from the truth.

There's a ton of opportunity everday, and the BOT's have nothing to do with getting in the way of it.
***
If I were to stick around, I'd look for this pop to get hit with more selling in the 1:30p-2:15p timeframe, but I got business to take care of.

Good trading.
 
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