ES Journal Archive (2011)

[gmst]

Quote from gmst:

thanks for explanation....25L, 43H, so mid is 34....just wanted to verify that you and I are on same page.

so now we are at 34 and at 20 EMA.....lets see if it acts as support....it should probabilistically.

 

[bigsnack]

Quote from gmst:

so now we are at 34 and at 20 EMA.....lets see if it acts as support....it should probabilistically.

Once we get to these big levels, it is beneficial to also have some sort of "setup" to look for at these levels. I know there are people that just buy/sell the levels outright, but I prefer to look for a specific scenario before getting in, that way I have something I can expect and rely on.

I'm not catching the bottom by the way, but you can still catch entries that are very safe.

 

[Laissez Faire]

Quote from gmst:

so now we are at 34 and at 20 EMA.....lets see if it acts as support....it should probabilistically.

Based on the recent development, I was not expecting it to.

Hard to communicate, but I look at a lot of things. Seeing how negative TICK was behaving on the way down to 34 + NQ weakness among a few.

Also below the opening range low now and NQ once again below yesterday`s lows.

EDIT: Bigsnack gave a better explanation. It`s not a level you trust blindly. Just implement it in your decision making process.

 

[JoshDance]

Long 32.25

 

[GordonTheGekko]

Back to long EUR.USD

 

[gmst]

short 32.75, target 30.25

 

[oraclewizard77]

Well took just a 1 point scalp short profitably since I normally don't like selling breaks on ES and did not have multiple contracts to scale out. So fear limited me on this trade.

 

[gmst]

Quote from bigsnack:

Once we get to these big levels, it is beneficial to also have some sort of "setup" to look for at these levels. I know there are people that just buy/sell the levels outright, but I prefer to look for a specific scenario before getting in, that way I have something I can expect and rely on.

I'm not catching the bottom by the way, but you can still catch entries that are very safe.

yes i see what you are saying - some other conditions in addition to levels breaching.

i assume you will look at entering short at this level on a pullback and with tick ranging back above 600....correct? thats your typical setup.

 

[gmst]

Quote from Laissez Faire:

Based on the recent development, I was not expecting it to.

Hard to communicate, but I look at a lot of things. Seeing how negative TICK was behaving on the way down to 34 + NQ weakness among a few.

Also below the opening range low now and NQ once again below yesterday`s lows.

EDIT: Bigsnack gave a better explanation. It`s not a level you trust blindly. Just implement it in your decision making process.

Thanks LF I like your way of thinking

Tick is important i will need to invest more time on it to include it in my decision process....right now its just there.

 

[bigsnack]

Quote from gmst:

yes i see what you are saying - some other conditions in addition to levels breaching.

i assume you will look at entering short at this level on a pullback and with tick ranging back above 600....correct? thats your typical setup.

I look for TICK closes above 600 and below -600 for confirmation of sentiment, and I try to buy TICK's near -600 and sell TICKs near +600, as they typically give a very safe entry. THe best entry for a short would have been 36.50. TICK agreed sentiment wise and it was a 50% pullback short from the recent highs to the recent lows. That's about as safe as it gets.