ES Journal Archive (2009 - 2010)

[Buy1Sell2]

No breakout trades available right now. --Looking long-- Until then, I'm on the sidelines.

 

[kinggyppo]

This thing is really bouncing around here.

long spy 109.02 no stop

 

[paperboy]

Looks like it follows the Dollar almost to the minute.

 

[lurefo]

Quote from Buy1Sell2:

... The problem is that it is easy to pick a point (1099) and say that one should have scaled out there...

I think you missed the point. 1099 was not a point I picked randomly. It's the breakout point, or the last highest high if you prefer, ie the 10/20/09 Top where choppiness, whipsaws, etc are likely to shake out tight stops breakout players.

That said, both exit strategies have pros and cons, so some traders may find that the exit I pointed out with your example would better fit their trading strategies. To each his own.

Have a good weekend.

 

[kinggyppo]

Quote from kinggyppo:

This thing is really bouncing around here.

long spy 109.02 no stop

flat 109.25

 

[Builder17]

yeah that spike down on sentiment at 9:55 was rough!

 

[paperboy]

Very low volume on this upmove since 2/11.

 

[kinggyppo]

awesome thread with real intelligent discussion, must read.

http://www.elitetrader.com/vb/showthread.php?s=&threadid=181558&perpage=40&pagenumber=1

 

[paperboy]

HS? Last shoulder should have lowest volume?

 

[kinggyppo]

Quote from Builder17:

yeah that spike down on sentiment at 9:55 was rough!

This is what wave calls the 800 pound gorilla,
notice how the market went right back up. I was looking for a touch of pivot at 109.45.
When you see 1,000,000 plus shares in a minute take notice. Good trading.