ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
Thanks, Pekelo. I agree - 1358 area is and obviously was an area where probable higher supply comes in. So far, my analysis still tells me this is short-term weakness that won't take the price below 1350. I'm not used to holding till 30+ pts targets are reached, but the plan is usually smarter than I am and I should listen to the market when it agrees with my plan. I've learned that the hardest ways.
That's why I was tempted to exit at the 1358 area - I was expecting somewhat bolder supply there. But again, due to the nature of this trade, I'm keeping the stop as it is right now and now considering 1350-1351 area as the decision point. Watching the 60min charts mostly. I'm impatient by nature and have mostly locked in these +12 to +15pts movements, but more often than not I've witnessed the price go a lot more, right where my ultimate target was - be it +25 or +30 points. And since this plan has held so well, I'm trying to train myself to grow some patience.
It may work, but there's certainly also a chance it will not - 1358-1360 is an important decision point and I expect some temporary weakness from this area - but the market structure is bullish and the progress of this trade has been perfect. This is something I need to grow into a big one (in my terms) as long as the market is on my side and the multi-day odds are in my favor.
That's why I was tempted to exit at the 1358 area - I was expecting somewhat bolder supply there. But again, due to the nature of this trade, I'm keeping the stop as it is right now and now considering 1350-1351 area as the decision point. Watching the 60min charts mostly. I'm impatient by nature and have mostly locked in these +12 to +15pts movements, but more often than not I've witnessed the price go a lot more, right where my ultimate target was - be it +25 or +30 points. And since this plan has held so well, I'm trying to train myself to grow some patience.
It may work, but there's certainly also a chance it will not - 1358-1360 is an important decision point and I expect some temporary weakness from this area - but the market structure is bullish and the progress of this trade has been perfect. This is something I need to grow into a big one (in my terms) as long as the market is on my side and the multi-day odds are in my favor.
If they fail this re-test at 1358, then a move to test 1350-1351 area would be good probability. On the other hand, if they break 1360 today.. then watch out for another high probability squeeze. There's a whole hour left of trading.
However, I'm thinking I'm gonna lock in something at this point - wouldn't stand the whole bunch of profits (now +16.00 at peak) evaporating. Stop goes to +6.50pts (1349.50).
However, I'm thinking I'm gonna lock in something at this point - wouldn't stand the whole bunch of profits (now +16.00 at peak) evaporating. Stop goes to +6.50pts (1349.50).
- Status