ES Journal Archive (2009 - 2010)

trackstar · Apr 22, 2009

In short from a sell stop at 54. Dont know how I managed to get a 53.50 fill. Hopefully that will mean lots of shorts are hitting it.

Stop is 55

half of a unit on this. Will be adding another half and another unit if trade continues as planned.

Lawrence Chan · Apr 22, 2009

Test of previous day high now.

MandelbrotSet · Apr 22, 2009

Quote from BoyBrutus:

OK good, I see a pullback to the 52 area then continuation to 61 ????

Shrug, I don't know.

riskymove · Apr 22, 2009

GM news - co wont make June 1 1BB debt payment

MandelbrotSet · Apr 22, 2009

Quote from MandelbrotSet:

Yes, I thought about that also.

Which is why I am going through the trouble to explicitely state why I am calling this trade.

I'm out of the trade @ 850.00 for +5pts profit, but only +2pts on the day.

Gotta run,

Good trading.

Lawrence Chan · Apr 22, 2009

Quote from riskymove:

GM news - co wont make June 1 1BB debt payment

I see why they delay the housing # announcement today then.

Maybe they are thinking that "a squeeze up is needed" to avoid disaster drop in the afternoon. i.e. giving the mkt more room to drop.

Lawrence Chan · Apr 22, 2009

Test of previous day 4 pm close now =D

And open range top should be tested if this leg down is more than 12 pts.

iloveoptions · Apr 22, 2009

Quote from iloveoptions:

And another 20% at 854.

Current position: short 814.25 + 30% hedge.

Back up to 45% hedge here at 847.25

ammo · Apr 22, 2009

Quote from Lawrence Chan:

Test of previous day 4 pm close now =D

And open range top should be tested if this leg down is more than 12 pts.

LC ,is your opening range 30 or 60 minutes

Anna K. · Apr 22, 2009

Quote from MandelbrotSet:

Stop moved to 859

I don't want to be stopped out of what I perceive to be a good trade at market exhaustion.

Even though it's a more speculative trade, and is against the current trend, here are the items that I'm looking at.

1. ES is sitting at resistance.
2. Price action was screaming short squeeze.
3. Bonds are sitting on support.

Right or wrong?

We'll see.

Mandel,

you seemed to have so much conviction for this trade, but you exited it so soon? why? Or you always only scalp a few points?

thanks.