ES Journal Archive (2006 - 2008)

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Quote from wave:

Careful, you have a wyckoff spring that just formed. Bulls are feeding.
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Guess who was buying 52 and under? They are always 3 moves ahead of us.
 
Quote from gwac:

After reading up on Taylor, this would seem to be a perfect interday 3 step cycle.


Taylor reading is very interesting.
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Done for day (62 is close enough to pivot for me), so I have a moment.

Taylor is interesting, but the three day cycle might hold up in the grains, but I have not seen it work in the S&P, especially in trending markets.

The way I use Taylor in the ES is to ask myself this question: How is the market acting, now that it has hit yesterday's high/low/close?

Note that today the market traded up at R1 and right over Thursday's high, dropped down, made one more attempt at around 11:30 EST, and then gave up.

Once the market could not stay above Thursday's high, that was a sign that the market was going to go back into Thursday's range.

If the test of the previous day's high fails, the previous day's low is the target (likewise, if R1 fails, then the pivot point is next, and if the market fails at the pivot point, S1 is the next target).

Wyckoff springs and upthrusts are most powerful when they are at the previous day's high and low, imo.
 
This is a classic game of chicken. They know you will ALWAYS crack before them (the market makers). They can take the market to zero, or to the moon. You have to meet a margin call. They create their own supply and demand. The average retail trader can only piggyback them and deal with the whipsaws and ride the runners. The folks with more chips in their pockets can play along with the market makers once they learn how they are doing it.
 
Now here is the kicker, while you are sitting on unrealized (imaginary) assets, the market maker is cashing in his chips and taking his cash.
 
market is heading for some major support....


buy buy buy and......buy..

intermediate term trade...


longterm trade is still down till proven otherwise..intermediate term trade good for 60 or 70 points.

intermediate term trade target 1320
 
Spectre,

Agree that the gap at 1308-1320 area has multiple significance signs showing it will be tested again.

But, the risk of an extremely fast and hard short term drop can be very risky for most short term or even day trader to handle.

e.g. limit down of 150 pt ES before the expected rally.

Edit: this bad feeling probably comes from JSS' mention of his scary scenario :)

What do you think?
 
if lehman's credit has dried up,then they must liquidate some assets to free up cash,its possible that that is whats been happening for the last 3 weeks,it would be naive to believe that everyone else is alright,i think we are in for some more liquidation and the lower it goes the less they will get for their assets,i think that is why the oil stocks and coal stocks and commodities and gold are coming down,i doubt that their will be any buying in the immediate future even if oil starts to sell off,more liquidation,if i had 20 0r 30 million or 500 million tied up in my companies pension money or 401k plan with one of these management firms ,I would be reducing my positions,if i asked for that to happen in this market would they talk me out of it,i doubt they would be in a position to accomodate me without hurting they're credit
 
Bernanke on in 2 min, home sales in 2hrs

Pekelo, do you think today has a better chance of being an ADU? Hourly histogram is pointing to upside

1248 zone unpopular so far

That's the beauty of money management, keep shorting 1248 zone with a ~2 point stop & expect ~10p gain, 5 losses=1 win (Gross). I think YM is more accepted as a barometer for double top/bottom formations, I may be mistaken.

1m now showing bearish pattern (8.15am eastern)

8.20am: -2 from 8.15am it does help to monitor what 1m is doing if using 2-3 point stops ImPO
 
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