ES Journal Archive (2009 - 2010)

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Quote from Pekelo:

Just out of curiosity, isn't a 1 pt SL is too small for a 17 pts target?
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If you're going to dream, ya might as well dream big.

Short 64.50
sl 6750; pt 51
 
IMO price not reversing but bouncing of 50% zone, last week finished with an inverted hammer and below all major averages. To reverse that pa a strong bounce is required above 1071.5 last week open.
 
Quote from schizo:

Good point, but what do you know about the next 4 hours? Straight up to the moon?

This could be a bull trap. Food for thought.
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I was just speaking about bias in general most traders have to work against it. I think if you make a big score on the short side you are likely to want to keep drinking from the well. Playing the short side has its advantages, usually unexpected news is bad, ie bad earnings, bp spill, etc. I was reading in market wizards about Tony Saliba, he said he was mostly long butterflies as a core position, long the wings, short the guts with straddle protection in case of a major volatility shock, smart trader. This is Taleb's idea of Extremistan, the dark edge of a 5 sigma move is where the lottery pays off, usually short is right under those conditions :)
 
Gapclose and dragon short around 67....

Edit: Doesn't seem to be working. By the way today was still a 2nd gap, so the gapclose was a high probability...
 
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