ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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We are in classical looking retracement.
That classical looking that I am even afraid if it is not trap.
Purpose of this reptracement is test and bounce from line "where the uptrend was clear established" so something like 1880 NQ or 1250+ ES.
Until this line holds we are in uptrend in my opinion. Many have same opinion and every significant dip is bought with pleasure.
Historiogram will say something just if we will touch this line and will not respond to it. Than will start VIX rise and we will see true panic.
Btw, other important commodities are not supporting theory that "indexes will fall down". Look on gold, crude, Euro,Yen.They are bouncing a bit but there is no true power in it.
That classical looking that I am even afraid if it is not trap.
Purpose of this reptracement is test and bounce from line "where the uptrend was clear established" so something like 1880 NQ or 1250+ ES.
Until this line holds we are in uptrend in my opinion. Many have same opinion and every significant dip is bought with pleasure.
Historiogram will say something just if we will touch this line and will not respond to it. Than will start VIX rise and we will see true panic.
Btw, other important commodities are not supporting theory that "indexes will fall down". Look on gold, crude, Euro,Yen.They are bouncing a bit but there is no true power in it.
Quote from JSSPMK:
The following is an observation of the 240m chart, considering daily's failure upside swing, I see 3 lowered histo peaks & what is important to me is the tiny 4th one, just 1 histo bar over the centreline and back below the centreline. My previous observations suggest that this is the beginning of another leg down, considering overall bearish market sentiment over larger time frames. I don't have a clue why Buy1Sell2 is so bullish at the moment, I asked him out of respect to his experiences, but there hasn't been an answer yet, but I remain optimistic that maybe he would grant me an answerI understand why he might be bullish, but calling daily trend significantly bullish purely because one of support levels hasn't been broken I am confused about.
wsj announced a 2 billion hedge fund going out of biz which may have been the selloff we just witnessed. A ledge in the mrkt profile represents a large buyer or seller that is usually exhausted by the end of the day and traded thru.In the spu's the ledges ,64,65 on mon and tight trading range of 66-69 yesterday indicate a reluctance on the bulls part to let this mrkt fall just yet, since they have stayed at or above there, it's possible we are going higher. On the mp charts we left an untraded gap 1282-87 on thur. When we sold off on monday we left a gap from 1285-91.its possible we rally back into that range with a target of 1287-91. TL res on spy is around 128.5
Waking up now to see my stop was missed by 2 ticks and price is back at the point I entered. I feel the same way about this trade (maybe even a little better since they already cleared the stops just under the swing low)... holding, same stop and target.
Unless I am missreading the charts, we have a 2nd gap down since Tuesday morning.
For swingtrading oil (or anything else) here is an excellent indicator:
http://metastocktools.com/MACDH/Oil.png
Had Bone Pickens used this, his fund would still be up...
For swingtrading oil (or anything else) here is an excellent indicator:
http://metastocktools.com/MACDH/Oil.png
Had Bone Pickens used this, his fund would still be up...
Buy zone appears in 56 down to 52.
Will see if we get down there.
Edit: If NQ moves together with ES at 1.5 to 2 times rate ... then NQ will fall right on to its daily 20 SMA.
Will see if we get down there.
Edit: If NQ moves together with ES at 1.5 to 2 times rate ... then NQ will fall right on to its daily 20 SMA.
Since we have 2 small range days in a row ... it is in general not a good idea to trade until after we break out of this range.
NQ wants test 1880 and by ES "everything importand could be said - no more words necessary".
I agree, indexes want up but when it will be allowed and from which line? At first we need shake out all weak hands.
I will try purchase NQ in 188* or ES bellow 1255 like Lawrence suggests.
I expect today strong reversal but will wait for it.
I agree, indexes want up but when it will be allowed and from which line? At first we need shake out all weak hands.
I will try purchase NQ in 188* or ES bellow 1255 like Lawrence suggests.
I expect today strong reversal but will wait for it.
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