ES Journal Archive (2011)

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Quote from Pekelo:

The pattern is still in play, and since nothing seems to be able to take this market down (FTSE, NIKKEI down -1%), we will probably get the missing 5-8 pts today....
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Was it a nice shortable 3rd top for ya???? We only got 3 pts upside, but boy, did it fall after that...

The pattern has obviously played out....
 
It is generally a bad idea to attempt to pick a bottom on a down trend day, but I'm going to take a chance with my 1160 bid at the first limit down.:confused:
 
Beautiful trade, creekboy! :)

These are the days that I find it extremely frustrating to not trade from the opening bell :p

The down trend is still in effect, so I`m not looking to pick any bottom just yet, although I`m not as comfortable shorting now either.

1268 looks like a reasonable target based on the hourly chart.

We`re currently completing a new down leg on the 5-minute chart after bouncing from 1272 and reversing at 1278.

It seems like the leg is ending just now, which does not look promising for more downside potential. Might be bottoming out for the day or pausing.
 
Quote from Picaso:

Nice! A pity it didn't bounce some more, but good entry.
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volatility in this type of mkt is more likely to stop you out here, oil is something to pay attention to, if this Egypt drama dies down in the next few days it will be a great scalp short, good trading.
 
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