ES Journal Archive (2006 - 2008)

ammo · Jul 31, 2008

Quote from Xuanxue:

To further annoy (lol): the adage is: never sell short a dull market, as in, don't try to outwit it anticipating its next move, or rather, don't trade hoping it'll go the way you want. During consolidation is where most lose a great deal of their money after breakouts. A market only consolidates in a correction in a strong trend or an impulse after a termination of a weak one.

Still, a measured move breaking 70 could be price satsifaction there to continue up. Who knows, but scalping corners is all that's wise the next few days methinks.

i hope you bought 82,faded yourself,for adjustment

Xuanxue · Jul 31, 2008

I was tempted to cover but I had that bounce tagged with channels. I expected this.

ammo · Jul 31, 2008

long 69.25,out 65,5

Mins · Jul 31, 2008

Quote from Mins:

I don't understand why you think they would defend 74 - surely they would defend this 71 region which i more important.

It it holds and buyers are strong this could lead to a big bounce in the evening. However, i am not holding my breath - would much more prefer to keep going with shorts. Would love for this to break down hard today.

Well 71 did offer a decent bounce but it was rather weak. Nail in the coffin for the bulls today was at 15:15 for me - that point bears took control.

Lovely to see the bulls getting creamed here

68 was a target today and it has finally got there.

Good luck all I'm done.

Lawrence Chan · Jul 31, 2008

S1 is far away too at 56-57 :eek:

Mins · Jul 31, 2008

Quote from ammo:

long 69.25

I don't understand why you would position yourself in front of price that way.

Even if this turns in your favour, why not wait for price to at least hold and give you some confirmation.

However, it is your trading style and everyone is different so good luck mate.

Lawrence Chan · Jul 31, 2008

Quote from Mins:

Well 71 did offer a decent bounce but it was rather weak. Nail in the coffin for the bulls today was at 15:15 for me - that point bears took control.

Lovely to see the bulls getting creamed here

68 was a target today and it has finally got there.

Good luck all I'm done.

There was absolutely no continuation buying since ES stalled at 82, making a third lower high if we include AH. Very bearish indeed.

Mins · Jul 31, 2008

Quote from Lawrence Chan:

There was absolutely no continuation buying since ES stalled at 82, making a thrid lower high if we include AH. Very bearish indeed.

Ya i actually got suckered into buying the breakout at 80 and very quickly realised this was a fake breakout - got out at a loss and turned back to bear mode.

Bulls showed no power once they broke 80. The whole action last couple of days seems very engineered to me particularly this morning gap fill.

All the best

ammo · Jul 31, 2008

Quote from smilingsynic:

Just a reminder: if the market fails at the previous day's high, the previous day's low often becomes the target. 1265 as the day's low and a close at the pivot would not surprise me.

This is not a prediction, but something to keep in mind.

toot toot

smilingsynic · Jul 31, 2008

Quote from ammo:

toot toot

. At least I got the low right. Making money is always more important than being right, though. and I took the afternoon off. Hope Lawrence and my other friends here made some coin.

If they cannot take them up one way, they'll go the other.

George Douglass Taylor--Thanks, and RIP.