ES Journal Archive (2011)

tortoise · Sep 30, 2011

Quote from Laissez Faire:

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

The momentum, to the extent that there's been any, has been to the upside.

JoshDance · Sep 30, 2011

Will buy 42, stop 41

Laissez Faire · Sep 30, 2011

Quote from tortoise:

The momentum, to the extent that there's been any, has been to the upside.

I`m thinking that the first part of the day was a draw between bulls and bears. The gap above favoured a run up anyway.

The fact that we are still trading above the 50% level and respecting a rising trend line is a good sign for the bulls though.

But then there is those lower highs being made. I guess a breakout of the triangle either way would be needed to confirm a direction either way.

The obvious advantage for the bears is that emg got an order far below

JoshDance · Sep 30, 2011

Quote from JoshDance:

Will buy 42, stop 41

Filled and stop at 40.75, in danger currently

JoshDance · Sep 30, 2011

Quote from JoshDance:

Filled and stop at 40.75, in danger currently

out -5

mastacoli71 · Sep 30, 2011

Quote from mastacoli71:

Short 1144.25, covering at 1139.25

covered 1140.25

mastacoli71 · Sep 30, 2011

Quote from mastacoli71:

covered 1140.25

watch the bottom drop out now....lol

Laissez Faire · Sep 30, 2011

Breaking out of the triangle + the 50% level + the up trend line + emg target below.

If I was not already short, I think maybe I would have gotten in on a pullback to 42, provided we get that of course

JoshDance · Sep 30, 2011

Short 41, stop 42.50

tortoise · Sep 30, 2011

Quote from Laissez Faire:

I`m thinking that the first part of the day was a draw between bulls and bears. The gap above favoured a run up anyway.

The fact that we are still trading above the 50% level and respecting a rising trend line is a good sign for the bulls though.

But then there is those lower highs being made. I guess a breakout of the triangle either way would be needed to confirm a direction either way.

The obvious advantage for the bears is that emg got an order far below

watch what happens at the opening price. that will tell the tale ...