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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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That's a nice one even though I prefer to look at steeper rising wedges. I assume that one would place a protective stop at the top of the upper line of the wedge or choose the high of that swing.
From a position trader's standpoint the lows were established in the early part of the year, the market is merely testing resistance right now, and we'll probably see the 1500's sometime in the near future (when? - don't know).Quote from Buy1Sell2:
From a position trader's standpoint, basically today's trading has simply taken out the stops just below the low 2 days ago. At this point that is rather insignificant given that those stops were relatively close to the market and were an obvious place to have them. Of course, the action has caused all intraday charts to roll over bearish most notably JSSMPK's 240. However, right now very little damage has been done to the daily chart and so I will stay long here.
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as long as we stay in this up channel since mar, we held that trendline today,its still bullish, Markets form their tops in violent upturns,markets form their lows in quiet conditions..."Phil Erlanger" same book as above, not a big readerQuote from JSSPMK:
ImPO, looking at that formation it would be pretty reasonable to expect lower lows now, where it will stall I have no idea, but based on average retrace range off that D I would say 1350 would have been my primary target if I was to make a trade off that chart. Monthly chart remains bearish ImPO.
Buy1Sell2 considers that chart as bullish still as reaction lows that are of key importance (to him & others) remain intact. But I think before (beginning of this journal) he would have scaled into a short position looking at something like this, now he follows a trend, hence he is still bullish, please correct me if I am mistaken.
JSS, I was going to post up the exact same SPX chart noting the ascending wedge and triple histogram divergence but I just saw that you beat me too it haha. I agree with ammo though that until the lower TL (that was bounced off today to the point) breaks, the upward trend is intact. Once the TL breaks, I expect sellers and shorts to pile in... I think everyone feels this has been a long time coming. Maybe this will make a short-squeeze retrace happen (nice short opportunity), maybe not, but I really doubt a new high would be made.
Since you beat me to the SPX chart heres the NDX with the same formation... hows that for synergy. If lower TL breaks I'd expect 1875-1900 first target.
Since you beat me to the SPX chart heres the NDX with the same formation... hows that for synergy. If lower TL breaks I'd expect 1875-1900 first target.
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Quote from iloveoptions:
Like you said " Envy hates that excellence it cannot reach." :eek:
You got a long way to go in the discipline department with that minute 7 figure drawdown.
http://www.collective2.com/cgi-perl...583&session=795364756146201068978652215356361
Adjust it for realism of the fills with commision and you have a system that is negative after 4 years.
:eek:
Quote from trader_arb:
contrary to popular belief, there is no advantage to selling vs buying options. if there was, why would anyone take the other side of your trade?
I'm not saying u can't make money selling, just don't be overconfident
To hedge,
problem with naked selling is one bad trade will wipe out 10 months of profits.
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