short 73.25, stop 77.25, target 67
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Over time ,LC is correct,didnt say it but the theme is trade the setup,cant see it in the 30 look at the 60,cant see it,dont trade,saliva said earlier,be a predator ,not in those words,but a predator waits for setups and takes advantage, we should selloff into the end of the month historically but we have an election/inauguration thing so the selloff will have to be crammed into the last ten days
I never said it pointed to a close at that level. The interest indicates a move to 842-847 and from there we can rally with a chance at 900 depending on how many new puts get opened or closed on this leg down at atm and slightly otm. There are a few other indicators lining up in this area as well such as the 50% fib level and the making over a right shoulder that can send this to 1100 later in the year if it holds.
The simple part is that some price levels are always "tested". That's where most of our projections of price targets come from, isn't it?
Example - the daily pivot points, previous day highs and lows
The hard part - when price is travelling from one level to the next, it has a choice to stop at that, or, running thru.
That's where price action goes into the picture. Trend changes almost always happen in the lowest timeframe (i.e. tick, bid/ask struggle) and then subsquently show up in the higher ones later.
Case study - yesterday when ES traded below S1, it has a choice to fight back up above S1 and travel back to PP. But, based on price action, and the morning sell off strength, it is easy to identify that once S1 is taken out again in the afternoon, S2 is in play.
Most people would choose to pick a top to sell into the afternoon weaknesses. And that may drop the probability of the trade, because there may not be enough people acting on that price level.
The cheap way and the harder one emotionally to do, is to do that after the move has happened, and sell below S1.
Both ways should work given a matching money management scheme is used.
WTF is a T day ?
WTF is a violente ?
Was a bit frustrated by some messages I received lately asking for "miracle entry price" and "say having a 2 point target would that work?" kind of questions.
They can easily test those concepts out themselves either thru a program or by hand.
When I tell them the entry is not everything and have they think about money management you know they get angry.
My bad, the wording I used in the message was confusing.
Taking it down to 850 or below does not imply op ex price lands at 850.
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