ES Journal Archive (2011)

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Got smacked badly on that last trade. Not how I`d like to trade at all (wide stop).

No follow throughs at the highs though and we are putting in lower highs for every push up.

I guess it could be a matter of pausing before going higher, but if this trend line breaks and we trade below 42, maybe we sell off after all.

Conversely, finding support here around 44 could be a nice long :confused:
 
Quote from Laissez Faire:

Got smacked badly on that last trade. Not how I`d like to trade at all (wide stop).

No follow throughs at the highs though and we are putting in lower highs for every push up.

I guess it could be a matter of pausing before going higher, but if this trend line breaks and we trade below 42, maybe we sell off after all.

Conversely, finding support here around 44 could be a nice long :confused:
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I would look for longs closer to support, wait til the mkt gets closer to 1132-1135, remember you don't have to trade. Current price is a great area to get chopped up. :)
 
Quote from JoshDance:

stop to 42.50, 1st target 45.75 2nd 48s

EDIT just took half off 44.25 for +2, stop at 42.50 target 48.50 for other half
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target for 2nd half revised to 46.75, stop still 42.50

EDIT out +1 tick 2nd half
 
Quote from kinggyppo:

I would look for longs closer to support, wait til the mkt gets closer to 1132-1135, remember you don't have to trade. Current price is a great area to get chopped up. :)
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Discipline and patience are things I need to work on :)

But yeah, I agree. Bounced nicely off the current 50% level offering a quick scalp for those who like that, but ultimately, I don`t think it will hold.
 
Setting up a descending triangle with the 50% as the bottom?

It may be poor reasoning, but I`m thinking that the bears still remain in control, due to every push up being countered with selling and now making lower highs as well.

If there was any real intention in pushing it higher, why did they not do it already?

I still think this kind of reasoning is flawed, but just some thoughts I`m currently having.

Considering that I`m frequently wrong (preferrably with tight stops), I guess one could just as well flip a coin :)
 
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