ES Journal Archive (2009 - 2010)

[Lawrence Chan]

Quote from Decel:

I agree that we won't reverse from just touching 1200, but won't a longer-term top come from a consolidation period?

So can't we touch 1200, go down a bit (1130-1150 ish) then come back up, then fall?

Then you are trying to pick the top.

I do not do that in general.

Edit: I look for "defined risk" before entering a position and that defined risk has to be smaller than the maximum amount I am willing to commit, based on a % of my risk capital. Top / bottom picking for longer term charts makes it impossible to estimate the risk precisely. Intraday trading is different because you have higher timeframe as reference points.

 

[emg]

Quote from emg:

moving my order to 1203.00

still holding on to my pending order

 

[ksonsinc]

This things going to fuck all the short right now
cause a lot of bears thinking this is too much

 

[FattBurger]

I have not seen the index this over bought on the daily and weekly since 2007

 

[Decel]

Quote from Lawrence Chan:Then you are trying to pick the top.

I do not do that in general.

True, I am trying to do that, and it's my weakness.

That being said, I'm arguing that there should be a period of consolidation before a drop no? I'd be surprised that the move would be as immediate as the 666 down-to-rocket we had coming up here.

 

[wave]

The drop is coming...

 

[Decel]

Quote from wave:The drop is coming...

How soon though? This week?

That would be a lot more precise than LC's timeline. I don't see how that would be feasible without news "stimulating" the move.

Greece filing for chapter 3 would do

 

[Blotto]

Quote from Skog:

Indeed. I was just about to ask B1S2 why he keeps fighting the market.

Shorts, get stopped out, shorts again and the ES is still making higher highs.

What are you seeing that I dont see B1S2?

-Skog

I thought this post was topical. Its from 2006.

"human history never changes. Therefore, the stock market never changes. Only the faces, the pockets, the suckers and the manipulators, the wars, the disasters, and the technologies change. The market itself never changes. How can it? Human nature never changes, and human nature runs the market - not reason, not economics, and certainly not logic. It is our human emotions that drive the market, as they do most other things on the planet."

--Jesse Livermore

 

[FattBurger]

VIX now at lowest level in 2 years, bet you won't hear that on CNBC.

 

[volente_00]

"It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight!"


"The market does not beat them. They beat themselves, because though they have brains they cannot sit tight."