ES Journal Archive (2006 - 2008)

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kamek,
SPY had gap, ES had gap. Maybe it would benefit to wait for at least one of the gaps to fill first (before trying short).

at the time ES filled it's gap, Spy missed filling by only 3 cents and was a tweezer top on my 5min chart.
 
I do not believe that they will try cross cardinal NQ resistance at 1980 earlier than in EOD finish. May be tomorrow with "good" numbers.

Second alternative that they will turn in slowly down trapping bulls all the way down.

I nearly shitted my pants today because shorted gold at 930 by that rally, I will not test my nerves going long indices except if they will bounce exceptionally.
 
i shorted at 11:03 when it broke support. it looked like it would be a strong drop right away because of the xlf!. i had a tight stop so when it touch the line i was out....look now. damn! oh well atleast i was discpline. at the same time i could have mad half of my goal on this one trade...sheeesh
 
kamek,if your using 5, or 10, or 30 min ranges on your chart,your stop should be 1/2 that range,if your right, your chances of getting stopped out go way down,and your profits go way up
 
Quote from kamek:

i shorted at 11:03 when it broke support. it looked like it would be a strong drop right away because of the xlf!. i had a tight stop so when it touch the line i was out....look now. damn! oh well atleast i was discpline. at the same time i could have mad half of my goal on this one trade...sheeesh
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I am not following the SPY but to me that is terrible trading.

You have no courage nor conviction in your trades - you will be bullied by the markets again and again until you hand over you lunch money.

I had many reasons to take a short of 83-85 all warranted by price action. If you had shorted that region your stop should be above the HOD.

You can clearly see distribution at those levels and the trend weakening. The rest is about using good trailing stops - similar to what Buy1Sell2 does on a swing basis but applied to shorter time frame.

No reason why you should have stopped out of that short without taking some cash.
 
i use the 1min but i look at the 5 for confirmation. then when i'm in a trade i look at the tape and p/l like a fuckin hawk...i guess thats my prob
 
Quote from kamek:

i use the 1min but i look at the 5 for confirmation. then when i'm in a trade i look at the tape and p/l like a fuckin hawk...i guess thats my prob
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I think your making the mistake that price will drop like a rock and therefore every little tick up is making you more and more uneasy in your short.

Remember often price takes a while to drop - people have to distribute up top and sellers start loading up their shorts. They obviously don't want the thing to drop straight away before getting some of their positions filled.

This is why you will see a lot of distribution near tops - i find it strange that you expect it to drop straight away.

Once it starts moving down then the other long players sell stops will be hit adding fuel as we go further down.

Please remember accumulation and distribution - look at price and tape and see where its going on.
 
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