ES Journal Archive (2006 - 2008)

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Quote from RsX:

Been mostly on the sidelines during the last trading days here - not seeing much structure that is inviting for me. ES looks ugly - hairy and choppy with no decent volume along the moves.. volatile up-n-down consolidation with long term bearish bias, but hard to get on board with my style.. Which I'm trying to steer towards the philosophy "less is more", thus aiming at a smaller trade count per day and higher quality of each trade.

Took one -3.5pts loss on Tuesday on a long trade and a -3.0pts loss yesterday on a short position. Both stopped out by those hairy stop runs just 1.25pts before the extremes were made and before the ES went nicely 15+ in my favor. So that's also part of the reasoning why I'm taking it conservatively for now.. choppy action. After yesterdays and todays failure to hold above 1340 level I see the ES going nowere but below Tuesdays lows and probably way below 1300. Still tough to get aboard for me though, so staying aside currently and protecting the capital made last week.
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Wise man. Just because it is called day trading does not mean that one has to trade every day.

There is little about congestion to get excited about. Everyone is waiting for Friday.

The only thing that would get me back in the ring today is if it went to S1 and actually held up there. If it did that, pivot/gap would be reachable, with stop around S2.
 
Someone seems to be down here on the bid. US economy can not take too many more shots, you wonder if Greed is on the backburner to american patriotism. Nobody wants to be seen as the one who sends this economy into a tail spin. Stocks go so does what is left of consumer spending.

Just a thought.....
 
Today's choppy action reminds me of the Friday two weeks ago when CNBC broke the Ambac bailout plan just when the LOD was taken out 30 minutes prior to the close and the market subsequently soared. Will that possibly happen again?
 
Quote from thomfergu:

thats the only way they keep this market up
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So why is it so funny when Charlie Gasparino, who broke that news, said on Fast Money that the whole scam was a joke from day one and only stock market participants are morons enough to believe it?
 
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