ES Journal Archive (2009 - 2010)

[JSSPMK]

Quote from wave:

Draw a horizontal line on a 30-minute chart starting from when price first touched 1185 and extend it out to today.

Do you mean from Oct 28th?

 

[wave]

yes around that date, JSS

 

[JSSPMK]

Quote from wave:

yes around that date, JSS

Ok, what am I looking for?

 

[iloveoptions]

Quote from wave:

1185 was equilibrium, above was expansion.

Hi Wave,

So if we are in an expansion right now, what's the es price target on it before we pullback?

 

[Builder17]

maybe breakout takes us to 1255 before 1060

 

[wave]

http://www.videodetective.com/movie...E-_THEYRE_LISTENING_THE/trailer/P00572120.htm

 

[emg]

Good Afternoon Traders!

 

[Decel]

Hi emg, are you looking up or down?

 

[Pekelo]

Quote from wave:


Not so true Pek...problem is you think like you and not like them.

Alright, explain it to me. If an entity sold X million futures at 1185 first we don't know if it was a hedge for something else or if it was closing of a long position.
Second it also means another entity BOUGHT X million futures, so somebody is sitting on good profits, assuming that was the opening of a long position.

Either way, just to know that there was a huge position traded at a certain price doesn't tell us anything else.... It has zero predictive value for future price action...

 

[emg]

plan in going short 1221.75