ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Lot's of chatter of the overnight lows on the indices and oil holding at support today and the huge move off meaningless report. The range from the lows to just over 900 is a cliff. Could push up into eom but just as likely to break down on a stinky fat finger overnight. About time we had one of those, the blitz.
Holding short as well, should get some nice overnight downdrift if it does not completely go off the cliff.
Holding short as well, should get some nice overnight downdrift if it does not completely go off the cliff.
Join the club. Those T day boys spanked me hard today.
But tomorrow is another day.
http://www.elitetrader.com/vb/showthread.php?s=&threadid=158756&perpage=6&pagenumber=26
Short - key levels are SPX 917, 925, 930
Short - key levels are SPX 917, 925, 930
Quote from Buy1Sell2:
Holding my full position here. I see nothing to indicate reversal to the downside at this moment. Will update as time goes on-- Ishmael
Test of month high is in play.
Assuming previous year close is defended at this point in time, next is 50% of last year's range. That points to 1080 to 1100 area.
In order for weekly to show weaknesses, a drop of more significance is needed, twice. Once to create a deeper swing low (like taking out last quarter high or 50% of this year's range), and a second one breaking that swing low with stronger momentum.
This type of momentum usually good for a run of 3 to 4 days. A pull back to tomorrow's PP or today's 50%, which ever higher, is very common.
For a sell off of larger scale, that points to Thursday afternoon the earliest, or the Monday right after.
Has been working on ways to reduce the # of days needed to trade.
As my entries are not top/bottom picking, days like today will likely stop me out with couple small losses and winners - a waste of time and strength ...
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