ES Journal Archive (2009 - 2010)

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Quote from saliva:

Yeah, just rub it in, wontcha? :D

True, I was short 40 lots at 742. Unfortunately, I got stopped out at 753.75. Ouch or not, this was a stupid trade that I should have dumped much sooner. I'm mainly lying low for now. The last thing I need is to become prey to revenge trading. Only scalping for quick profits from both long and short.

As to where I stand in the long run, I'm still bearish to the core. I've been here and done this many times in my short trading career if that means anything (approaching 20). To me, this looks and feels like any ordinary in-your-face deadcat bounce in a oversold market. But then again, I'm just another noob.
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That was smart that you got out in the 750's. Since I wasn't sure where your stop was, I was afraid that you bought what I sold early this morning at 760.75 :p I agree that this is a half dead cat bounce(they tend to bounce higher than when they're totally dead :) ) While I'm still bearish, revisiting the lows is gonna have to wait for a few months now. Carving out a trading range between 840 - 685 is the play for the next few months IMHO.
 
Quote from swing-scalper:

As long as the market stands above 740 for SPX the bulls are still in control in short term. Today is a test for bulls and I think the bulls can defend 740 successfully. This consolidation action is in bull's favour.
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I won' quote you on that. :D

But doesn't today's price action look eerily similar to Wednesday? This isn't exactly rocket science. Bulls have a nasty tendency to replicate nearly identical results in the subsequent days that follow a successful session. However, we're moving 2 hours in advance. So what are we going to do with the last 2 remaining hours? That will be the key (for what's to come).
 
Quote from saliva:

I won' quote you on that. :D

But doesn't today's price action look eerily similar to Wednesday? This isn't exactly rocket science. Bulls have a nasty tendency to replicate nearly identical results in the subsequent days that follow a successful session. However, we're moving 2 hours in advance. So what are we going to do with the last 2 remaining hours? That will be the key (for what's to come).
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It's probably the case that the market in a uptrend moves in a more structured way than that in a downtrend. I don't have statistics to back this point. But I certainly think in this way.

The rest of day, my guess, small range in both ways. As long as the market stands above 740, the bulls feel OK. This is exactly what consolidation means. Personally I don't like trade consolidation.
 
Quote from saliva:

I won' quote you on that. :D

But doesn't today's price action look eerily similar to Wednesday? This isn't exactly rocket science. Bulls have a nasty tendency to replicate nearly identical results in the subsequent days that follow a successful session. However, we're moving 2 hours in advance. So what are we going to do with the last 2 remaining hours? That will be the key (for what's to come).
More...

Now that's the PMT talk. I like that.
 
the market just made what looks like a double top if I were to use someone elses term and is about to fall over and go down for a while (read days) upside exhaustion,

timestamp
 
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