ES Journal Archive (2009 - 2010)

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I think I drew the triangle incorrectly 2 days ago and we had the ascending triangle breakout today, which behaved like a Wyckoff thrust and came back into the range pretty fast.

We are going down....Tomorrow it should pass the range....

2rgypvq.png
 
Quote from iloveoptions:

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Man, I like the Tiesto version better. I was at this show by the way.

www.youtube.com/watch?v=VZn7JrlxbQA
 
Quote from Pekelo:

I think I drew the triangle incorrectly 2 days ago and we had the ascending triangle breakout today, which behaved like a Wyckoff thrust and came back into the range pretty fast.

We are going down....Tomorrow it should pass the range....
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Wait, so because we broke out but came back in, we'll reverse and go down? Can you elaborate?

All I see are negative MACD and RSI divergences on the daily SPX.

B1S2, aren't you trading with those indicators?

However the MA20 is conveniently located in the 920 region...

So me and my 1 ES contract (June... I gotta roll it sometime soon) still think we're going down, but the exit is iffy...
 
Quote from Decel:

Wait, so because we broke out but came back in, we'll reverse and go down? Can you elaborate?
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Headfake. After breaking out, 950 should have acted as support.

The triangle was very "range-ish". When I refered to the Wyckoff thrust, I meant the fake breakout then a quick move in the opposite direction...
 
Quote from Pekelo:

I think I drew the triangle incorrectly 2 days ago and we had the ascending triangle breakout today, which behaved like a Wyckoff thrust and came back into the range pretty fast.

We are going down....Tomorrow it should pass the range....
More...

That's how it looks on SPX and SPY. But if you include the afterhours thrust to 958 on ES (June) all we did is tag the high again. So which is more significant?

Although short, I'm not too convinced about the drop-to-hell theory (though I'd love for it to happen!). Just seems too clean. Look at all the guys in this thread short from 942, 945 or wherever who would start to puke if we ran above 960+, especially after taking out 920... The scenario I'm thinking of here would be the same one that occurred on a smaller scale on 5/19-5/20: show a little cleavage then run it for one last bear cleaning, but not so far as to bring in the waiting sellers at the SPX 50-week MA (970) or certainly the 1k level.

In any case I'll be looking to buy from 910-915 or so (I guess that would be... 906-911 on ESU9? this premo stuff is annoying), assuming that selling pressure weakens there.
 
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