As ammo said before me, this isn't something that can be taught. But you'll know it when you see it. Basically, program trades appear out of nowhere but they don't occur in random. They always kick in at specific price levels like multi-month trendlines or support/resistance. Unfortunately, these are also places where our unsuspecting newbie brethren get caught holding the bag, which causes a frantic selloff or short-covering. It's no wonder then short-covering rally is in vogue these days.
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Them boyz already took 6 points back from you, do you really wanna hold until it goes in the red ?
The recent constrained intra-day range with strong support showing on the break of support @ 800 has me suspicious about a possible Wyckoff Shakeout. The low 800's held as support for ~4 months. I had always suspected it was a zone of accumulation.
Unlike our prior stage of panic selling in late 08, we have signs of strength here instead of total freefall.
It would make for a beautiful 2nd leg of a dragon formation... with the 873 top having nearly broken out of the downtrend line.
Perhaps a shakeout is just what we need to be certain that the sellers are done.
It is just speculation of course.
Unlike our prior stage of panic selling in late 08, we have signs of strength here instead of total freefall.
It would make for a beautiful 2nd leg of a dragon formation... with the 873 top having nearly broken out of the downtrend line.
Perhaps a shakeout is just what we need to be certain that the sellers are done.
It is just speculation of course.
First time analyzing the charts in a week or so and I'm very bullish for the short/medium term (until 770 is taken out definitively)... I like this 770-780 ES area alot.
A couple of thoughts on this weeks PA
1. Remember OPEX this week. Close is usually close to midpoint of weeks high and low. Must be the Sith Lords at work.
2. Everyone I know is already short. Or long and not selling.
Disc Long av price 884.
Cheers
1. Remember OPEX this week. Close is usually close to midpoint of weeks high and low. Must be the Sith Lords at work.
2. Everyone I know is already short. Or long and not selling.
Disc Long av price 884.
Cheers
Alright, it is time for me to come clean. The real truth is, I am part of THEM. I get the Memo from Them almost every morning about the day's action. Otherwise how could I know such a thing like this?:
There were 2 major lows yesterday, one at 778 in the morning, the other after the close at 776.5.
So yes, I am Them. Now you know. But please keep it a secret, it is just between you and me...
P.S.: ...and my rank is Captain, not General. But I am working on it.
There were 2 major lows yesterday, one at 778 in the morning, the other after the close at 776.5.
So yes, I am Them. Now you know. But please keep it a secret, it is just between you and me...
P.S.: ...and my rank is Captain, not General. But I am working on it.
exit all but 1 90.25, will let it stew for the day with stop at be
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