ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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We get back the big range on the first day of the year.
Closed right above 9000 ... everything overbought.
They really have a way to start the year!
Closed right above 9000 ... everything overbought.
They really have a way to start the year!
A New Year's gift for any price action seeker, no returns or refunds allowed so throw it away if you do not want, but a good place to start or further study price action for those looking.
The huge daily bar from 10.28.08, esh9 contract was defining the range of the present upmove since the lows on 12.12.08. The close of 32.25 and subsequent afterhours, multihour resistance at 31.50 (on the 28th), and pullback to 912 before heading higher, was a good clue resitance would enter in that area. Just wish it occured on a weekday when holding overnight was not as risky, as a breakout of the range and continuation or retracement back to the meaty part is a 50-50 play and not worth holding over the weekend.
Good trading all es journal participants and Merry New Year!!!
The huge daily bar from 10.28.08, esh9 contract was defining the range of the present upmove since the lows on 12.12.08. The close of 32.25 and subsequent afterhours, multihour resistance at 31.50 (on the 28th), and pullback to 912 before heading higher, was a good clue resitance would enter in that area. Just wish it occured on a weekday when holding overnight was not as risky, as a breakout of the range and continuation or retracement back to the meaty part is a 50-50 play and not worth holding over the weekend.
Good trading all es journal participants and Merry New Year!!!
Aside from the low volume issue, I don't see any decent resistance before 1005 on the cash, even 1050 if the mid-Nov drop is the head of an ISH.
Hmmm, this might not be good for my short position...
It's still in the range currently no? (I'm staring at the cash). Also, trading 101: is the fact that we're still at a discount mean that the sentiment is bearish?
Hmmm, this might not be good for my short position...
Which side would you be holding? Short?
It's still in the range currently no? (I'm staring at the cash). Also, trading 101: is the fact that we're still at a discount mean that the sentiment is bearish?
volatility has dropped dramatically in December holiday season and should move higher soon.
<a href="http://2.bp.blogspot.com/_uyrGNw94-qw/SWFZlnxsAJI/AAAAAAAAAT8/-Yi1IWYDLKM/s1600-h/sc.png"><img id="BLOGGER_PHOTO_ID_5287605940377092242" style="WIDTH: 400px; CURSOR: hand; HEIGHT: 162px" alt="" src="http://2.bp.blogspot.com/_uyrGNw94-qw/SWFZlnxsAJI/AAAAAAAAAT8/-Yi1IWYDLKM/s400/sc.png" border="0" /></a>
<a href="http://2.bp.blogspot.com/_uyrGNw94-qw/SWFZlnxsAJI/AAAAAAAAAT8/-Yi1IWYDLKM/s1600-h/sc.png"><img id="BLOGGER_PHOTO_ID_5287605940377092242" style="WIDTH: 400px; CURSOR: hand; HEIGHT: 162px" alt="" src="http://2.bp.blogspot.com/_uyrGNw94-qw/SWFZlnxsAJI/AAAAAAAAAT8/-Yi1IWYDLKM/s400/sc.png" border="0" /></a>
There is major pull at 910-903 going on now that price respected the range of the 10.28 daily bar. This is a little better than 50-50 now and the only reason I mention.
I do not pay any attention to prem, only price. Prem was much different on 10.28, but price (level) prevailed. There is premium (time value of money and price risk) in all our purchases, from a tube of toothpaste to a new TV. But generally, we are all whores and only concern ourselves with price. That is the way I see it. I am sure there are those much smarter than me who can read and quantify more into it.
The irony of present price action and that from continuation of the 10.28 is the underlying event, Obama. It should be viewed in a new and unkown context and coined Obama-action.
This is a pivotol point in price with an unkown context and will need to be traded small with a small aim, at least from my perspective. There are much smarter and experienced guys here, and out there, who have a better take.
I do not pay any attention to prem, only price. Prem was much different on 10.28, but price (level) prevailed. There is premium (time value of money and price risk) in all our purchases, from a tube of toothpaste to a new TV. But generally, we are all whores and only concern ourselves with price. That is the way I see it. I am sure there are those much smarter than me who can read and quantify more into it.
The irony of present price action and that from continuation of the 10.28 is the underlying event, Obama. It should be viewed in a new and unkown context and coined Obama-action.
This is a pivotol point in price with an unkown context and will need to be traded small with a small aim, at least from my perspective. There are much smarter and experienced guys here, and out there, who have a better take.
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