ES Journal Archive (2011)

Laissez Faire · Apr 7, 2011

Good afternoon traders!

It looks like 1327 is a pivotal point at the moment. We will most likely bounce or sell off further from here.

Laissez Faire · Apr 7, 2011

Breakout mode.

Entered a short @ 1327. Stop and reverse long @ 1328. Target on short is 1323.

Target for the long would be 1331.

piezoe · Apr 7, 2011

Quote from Rickshaw Man:

I can see how an overbought market would not concern a scalper. I guess it just depends on how your trading edge is structured, if you even have one.

OK, I can understand that. I am a scalper if you define it as one who is usually out with one to two points. I do understand that if you are what I would call a long time scale investor and you think that the market is overbought you could get very frustrated when the market just continues to behave in a way that you believe is irrational. Let me say however, that for a trader, trading on the basis of what you think the market should do can put you on the road to ruin. I began to make consistent money when I learned to let the market show me where it wanted to go, and then jumped aboard the market train for the ride. I Make sure I get off a little before we get to the next station. With that attitude you really don't care whether the market is on the moon or in death valley.

Laissez Faire · Apr 7, 2011

Quote from Laissez Faire:

Breakout mode.

Entered a short @ 1327. Stop and reverse long @ 1328. Target on short is 1323.

Target for the long would be 1331.

Reversed @ 1327. Stop @ 1325,50. Target @ 1331.

Laissez Faire · Apr 7, 2011

28,75 = 50%.

Might have been an idea to take profits here, expecting it to act as a pivot point and minor resistance.

bigsnack · Apr 7, 2011

Quote from Laissez Faire:

Reversed @ 1327. Stop @ 1325,50. Target @ 1331.

I think Volente might have the edge on this move

Volume just dumped in on the HIGH, which is not a good sign for bulls.

Laissez Faire · Apr 7, 2011

Quote from Laissez Faire:

Reversed @ 1327. Stop @ 1325,50. Target @ 1331.

Flat @ 1328. Not feeling too confident about the trade.

Laissez Faire · Apr 7, 2011

Short @ 1328,25. Stop @ 1329,25. Target 1323.

bigsnack · Apr 7, 2011

I love the 'Hog's stealth messages. If you don't refresh at the right time you might never see them at all

Laissez Faire · Apr 7, 2011

Quote from bigsnack:

I think Volente might have the edge on this move Volume just dumped in on the HIGH, which is not a good sign for bulls.

I sure hope so

Nice to see how the day`s mid was respected and not breached