ES Journal Archive (2006 - 2008)

[Jahajee]

Quote from Pholeuon:

I have a question. It is not ES but NQ, I am short one contract and my profit is not big I shorted pop when ES locked. I probably can cover it now /I didnot try it/ but it looks to me that we can fall down so it does not have sense for me.
However I am afraid that there will be big jump up initiated by non existing PPT 20-30 points easily can happen.
So I decided try to cover it immediately if it jumps down on the open and stops falling. I have no experience with such situation.
Opinions?

Take the profit on intial spike down, assuming we have one
Then look to reshort rally after overshoot down -- put a stop order on this position

You may wish to take the profit and sit still for an hour or two --- look totake post-lunch tades

 

[Pholeuon]

Thanks, Jahajee.
But do you think that it can jump up big right from the locked limit? If it can happen I will probably cover it right now.
It is sure that the volatility will be crazy from open.

 

[riskaddict]

the DOM looks awsome ya almost have to laugh

 

[Lawrence Chan]

European is waiting for the US open to confirm further drop or a bounce.

Many European indices will be lock limit down if they drop more.

So, the scenario is that either we see immediate action by the governments at the open (1st 1/2 hour), or, lock limit down on several exchanges before noon ET.

For those never traded limit down days ... consider staying on the sideline for the safety of your account balance.

Good luck to all!

 

[volente_00]

Anyone think the low for the day is made from the open til the first hour and then we rally ?

 

[JSSPMK]

don't gamble, it can shoot up your ass quicker than u can count to 3, these are not the times to think, analyse what u see & join in, do not base trading decisions on believing it may go your way.

Quote from Pholeuon:

Thanks, Jahajee.
But do you think that it can jump up big right from the locked limit? If it can happen I will probably cover it right now.
It is sure that the volatility will be crazy from open.

 

[mazaltov]

Very Very possible. Needs to hold the lows though.

This has the potential to rally like a madmen.

We should get some big moves either way.

Quote from volente_00:

Anyone think the low for the day is made from the open til the first hour and then we rally ?

 

[Zodiac4u]

Quote from volente_00:

Anyone think the low for the day is made from the open til the first hour and then we rally ?

eek! Home sales at 10:00. Do you think it will be good news?

 

[Lawrence Chan]

Quote from volente_00:

Anyone think the low for the day is made from the open til the first hour and then we rally ?

If it is a rally in the 1st 1/2 hour, and no intervention, then we should see a trend sell day.

If the mkt is allowed to drop to 820 in 1st hour, then yes, I do believe in a bounce.

 

[Jahajee]

Quote from Pholeuon:

Thanks, Jahajee.
But do you think that it can jump up big right from the locked limit? If it can happen I will probably cover it right now.
It is sure that the volatility will be crazy from open.

Cover
There will be many more trades to come

You can reshort later on a bounce

or stay on sidelines until opening gyrations are exhausted

observe charts - good experience you get once every one or two decades


Be careful