ES Journal Archive (2011)
- Thread starter Buy1Sell2
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Quote from Laissez Faire:
With regards to waiting for bars to close, observe how the last 5-minute bar looked very bullish and strong, only to collapse just before it closed.
For now, it was just a breakout test. Let`s wait and see how this bar turns out. Looks strong now.
Still looking like a retracement to me, but there are juicy targets above as well, so I`m not marrying one side yet.
huh? the last 5 min bar was a doji after a big red bar?
what data feed are you using LF?
S @ 1239.50
out @ 1237.75
Quote from Picaso:
What trend line break?
Thank you in advance, LF
Mini-TL on the retrace up to 41. Horizontal flag on the 1-minute.
OCO. Sell limit at 42. Sell stop @ 38.
42 is still the 50% level btw, so I guess we could trade up there as a larger bear flag.
Quote from Laissez Faire:
Mini-TL on the retrace up to 41. Horizontal flag on the 1-minute.
OCO. Sell limit at 42. Sell stop @ 38.
42 is still the 50% level btw, so I guess we could trade up there as a larger bear flag.
you are correct, i was looking at previous HOD when i guestimated @ 47 for 50%
The reason I did not short 41 earlier, was that I was pretty sure we could trade up to 42. But in case we turned, a sell stop at 38 would ensure that I did not miss the boat while at the same time not executing inside the noise and getting trapped.
On those trend line breaks, one can usually pretty quickly B/E the stop if it`s a authentic break. If stopped, one can always re-enter on the breakout test which seems to happen more often than not.
Not sure if that `s a good approach, but at least that `s what I was thinking.
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