Notice the r10 level where we stalled as they could not breach 1104 and the 50% retrace back to 1098.
ES Journal Archive (2009 - 2010)
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Notice the r10 level where we stalled as they could not breach 1104 and the 50% retrace back to 1098.
Looking at my 10 min chart, I see reasons why I should not be looking for shorts. Instead all we had was a pullback to the EMA line which did not break like I thought I was seeing on a smaller time frame chart. And, you are right, I had actually drawn fib lines, and we bounced off the 50% retrace.
I could and should have just waited patiently for my long setup instead of chasing a short setup.
Also, I felt I missed some good setups today, and was trading light so really did not have the ability to let runners run. Hopefully, in the future I will able to do that.
I could and should have just waited patiently for my long setup instead of chasing a short setup.
Also, I felt I missed some good setups today, and was trading light so really did not have the ability to let runners run. Hopefully, in the future I will able to do that.
I posted a lot in there but make sure you understand my rules are different from the person who started that journal. I use r10 for countrend entry/exit and that poster tried using them to trade with the trend if I recall.
Have a great weekend all.
Even when intra-day trading it is important to consider the bigger picture too and it's the end of the month so it's a good time to access. I generally like commentary from Kevin Haggerty, here is his comments from yesterday.....Have a nice weekend everyone.
KEVIN HAGGERTY COMMENTARY FOR 7/29/10
The SPX has rallied +10.9% in 17 days to the 1120.95 high on 7/27, but closed at 1113.84 which was below the 200DSMA, and 1115.35 which is the .50RT to 1219.80 from 1010.91. I must point out that 1121 is the .50RT to 1576 from 667, and key levels like this are in play in both directions.
The SPX made an 1131.23 high on 6/21/10, but only closed that day at 1117.51, so that 1121, .50RT level came into play again, as did the 1130.28 .50RT to 1219.80 from the 5/25/10 1040.78 low. After yesterday's 1106.13 close, the SPX is below the 200DSMA, which is now 1114.12, and above the 1105.57 neckline of the previous significant range B/O, and above the 1094.55 200DEMA.
Month end for the Generals is Friday, and the SPX is +7.3% MTD, with the SPX futures +7.7 points as I complete this at 9:05AM, so the Generals will hold their gains. However, the best case for the extent of this current rally based on price and time symmetry, would be the 1140 .618RT to 1219.80 from the 1010.91 low, and the time frame being no later than 8/15 before a significant decline into the Sept-Oct period.
The key time symmetry next week is a long term Pi date measured from the 10/11/07 1576 bull market top. Keep in mind that the SPX hit its high in April, which was month 13 [Fib] from the 667 bear market low, and then declined -17.1% to the 1010.91 low at the 1009 .382RT zone to 667 from 1219.80.
There is also an SPX 5RSI negative divergence on the daily chart as the SPX made the 1120.95 high, but the best short opportunity will be if the previous 1131.23 high gets taken out because that would also set up the RST short pattern for those of you familiar with my trading strategies. The next decline could easily reach the 952-943 zone
KEVIN HAGGERTY COMMENTARY FOR 7/29/10
The SPX has rallied +10.9% in 17 days to the 1120.95 high on 7/27, but closed at 1113.84 which was below the 200DSMA, and 1115.35 which is the .50RT to 1219.80 from 1010.91. I must point out that 1121 is the .50RT to 1576 from 667, and key levels like this are in play in both directions.
The SPX made an 1131.23 high on 6/21/10, but only closed that day at 1117.51, so that 1121, .50RT level came into play again, as did the 1130.28 .50RT to 1219.80 from the 5/25/10 1040.78 low. After yesterday's 1106.13 close, the SPX is below the 200DSMA, which is now 1114.12, and above the 1105.57 neckline of the previous significant range B/O, and above the 1094.55 200DEMA.
Month end for the Generals is Friday, and the SPX is +7.3% MTD, with the SPX futures +7.7 points as I complete this at 9:05AM, so the Generals will hold their gains. However, the best case for the extent of this current rally based on price and time symmetry, would be the 1140 .618RT to 1219.80 from the 1010.91 low, and the time frame being no later than 8/15 before a significant decline into the Sept-Oct period.
The key time symmetry next week is a long term Pi date measured from the 10/11/07 1576 bull market top. Keep in mind that the SPX hit its high in April, which was month 13 [Fib] from the 667 bear market low, and then declined -17.1% to the 1010.91 low at the 1009 .382RT zone to 667 from 1219.80.
There is also an SPX 5RSI negative divergence on the daily chart as the SPX made the 1120.95 high, but the best short opportunity will be if the previous 1131.23 high gets taken out because that would also set up the RST short pattern for those of you familiar with my trading strategies. The next decline could easily reach the 952-943 zone
YM traders but I then switched to ES and stopped posting in that journal.
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