ES Journal Archive (2006 - 2008)

pulsescan · Nov 7, 2008

I'll be the first to admit that i did not expect this mkt to rally today but hey today is take back friday so i guess we will see profit taking on shorts up to the close. the mkt is poised to turn all out bullish and ES could trade well above 952 today. with all sectors turning green i expect a trending day with strong upward momentum without any selling into the close. instead i see buying into close. again i must say i don't believe it but im just going with the flow and i will stay long as long as possible.

volente_00 · Nov 7, 2008

Quote from stella:

Yes. IHS on both lower and higher TFs. The 1 on the lower TF has just broken out of its neckline.

PRETTY AS A PICTURE

Let's see if we fall some to retest the neckline before a continuation.

10:30 looms

27 to 17 would be ideal

Lawrence Chan · Nov 7, 2008

Quote from Pekelo:

I am not talking about 917, that is a bounce, but 945, now that is a rally...That's where the SMA is on the daily...

I see.

2nd target of 50% hit

In general I do not use daily chart for my daytrading ... my money management takes care of the ride.

kinggyppo · Nov 7, 2008

Quote from Decel:

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Quote from Decel:

Short 918.50, Stop 920.75, target 905.50
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Move target to 909.25 -I have old resistance turned support @ 908.75- Move stop to 918.25

Move stop to 916.50 as it's bouncing on a short-term uptrend (5 min @8pm, 8:25, 8:30).

Playing paranoid as I'm going to sleep and no-one in command of monitoring PA.

Spent the whole day not trading, as this was obviously a slide to the abyss, yet I kept thinking "GO LONG!". Initial minor gains were dwindling and so I stopped while still in the black.

I need to learn to have the control you guys have, especially B1S2's crazy-wide stops. I don't have the guts for that, but hopefully can/will condition myself to.

stops are to keep you from blowing out, at some point you learn to neutralize your emotions. People say Seykota is nutty for talking about HOW YOU FEEL when you experience drawdown. I say this is genius, ever see a trader lose a million dollars? If you ever spent time in the pits, you would see fistfights, arguing, puking, etc. Remember buy1 is a position trader so you need wider stops, you need to adjust your trading so that you can hold thru the swings. Whatever works, some find it helpful to walk away from the screen. Good trading.

Zodiac4u · Nov 7, 2008

Quote from volente_00:

No, he had a saying, i think it was about selling off into the job report and then rally or something like that. Someone on here used to bring it up from time to time.

I due recall some of that correlation, but I'm more inclined to think that it had a greater relationship with what the market did the following weak.

startraitor · Nov 7, 2008

shorting 29-31, stop 35.50, target 18-

Lawrence Chan · Nov 7, 2008

Quote from princessa:

rally today.
new high next week.

lows for 2008 are in.
one more major drop in '09 (maybe).

Critical time today is after Europe close.

If ES travel back down below pivot ... sell off will continue.

ES was lifted mainly due to USD/JPY bounce off a minor support level.

startraitor · Nov 7, 2008

targets now 915 and 908..

Quote from startraitor:

shorting 29-31, stop 35.50, target 18-

opt789 · Nov 7, 2008

Quote from volente_00:

No, he had a saying, i think it was about selling off into the job report and then rally or something like that. Someone on here used to bring it up from time to time.

The market just did the opposite of what Apex was talking about. He noticed a tendency to rally into the number then sell off after. I pointed out at the time that a simple back test showed little correlation but he was talking about relatively short time frames.

saliva · Nov 7, 2008

Quote from volente_00:

Quote from saliva:

In a bull market, you buy the rumor and sell the news. In a bear market, you sell the rumor and buy the news.

No, he had a saying, i think it was about selling off into the job report and then rally or something like that. Someone on here used to bring it up from time to time.

Sorry, I wasn't attributing that to anyone but myself. For example, it's probably a wise policy to buy into Obama speech and sell right after.