ES Journal Archive (2009 - 2010)

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Quote from lurefo:

IMO, there are many factors that weigh in favor of a down day (which could potentially not look back): strength of down move at the open, breakout of a multiday bear flag, down gap with no test at all since the open, etc...
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Gap and churn. I expect us to hang at this levels for a good part of the day.
 
Quote from saliva:

Uhm, maybe you and I have a different way of looking at things, let alone how we define "upside". I see a potential upside target of 905-907. That's 6-8 points from the low. Perhaps that is too small for you to consider as a reversal? It isn't for me.
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Probably is just a difference in how we perceive things. When I say reversal , I am referring to action that would change the direction of the trend on a particular time frame. Your 6 to 8 point move would be considered a bounce to my way of thinking in terms of the 5 minute chart, but may be the result of a trend reversal on a 1 minute chart. It's not the overall point size of the move that makes it a reversal or a bounce, but it's the size of the move relative to the range on that particular time frame. 6 to 8 points could be a massive move on the 1 minute, but is simply noise on a daily chart.
 
Quote from lurefo:

IMO, there are many factors that weigh in favor of a down day (which could potentially not look back): strength of down move at the open, breakout of a multiday bear flag, down gap with no test at all since the open, etc...
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I agree.

Went against my own readings of a down day and pulled a contrarian scalp on a non-existent bounce.

At least I had the control to fire the trigger on an NQ instead of an ES, so losses are slim and totally manageable.

I also have to get used to be able to stare at the screen all day long now versus taking glances here and there, so my judgement is totally off.

The ES is currently sitting near last weeks' low (Wednesday). I'd want it to go near the 895 level and actually stay there or I'll suspect a spring.
 
Quote from Eko_Trader:

Gap and churn. I expect us to hang at this levels for a good part of the day.
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Possibly. No panic selling, just a controlled drop to recent swing low so far. My guess, and that's just a guess, is that if there is no significant bounce on this 900 level, we could see some more funky market orders later today. And why not Sal's 890 and below.
 
Quote from lurefo:

Possibly. No panic selling, just a controlled drop to recent swing low so far. My guess, and that's just a guess, is that if there is no significant bounce on this 900 level, we could see some more funky market orders later today. And why not Sal's 890 and below.
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Nice heavy volume today as well. With no upward price movement at all. Very good price action for an afternoon continuation.
 
Quote from Buy1Sell2:

Probably is just a difference in how we perceive things. When I say reversal , I am referring to action that would change the direction of the trend on a particular time frame. Your 6 to 8 point move would be considered a bounce to my way of thinking in terms of the 5 minute chart, but may be the result of a trend reversal on a 1 minute chart. It's not the overall point size of the move that makes it a reversal or a bounce, but it's the size of the move relative to the range on that particular time frame. 6 to 8 points could be a massive move on the 1 minute, but is simply noise on a daily chart.
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I couldn't agree more. But I do notice that ure talking more than your usual dose. What gives? :D
 
Quote from lurefo:

Possibly. No panic selling, just a controlled drop to recent swing low so far. My guess, and that's just a guess, is that if there is no significant bounce on this 900 level, we could see some more funky market orders later today. And why not Sal's 890 and below.
More...
I see a billboard sign that reads: Beware, PPT now screwing near you. :D
 
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