ES Journal Archive (2011)

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We`ll see bigsnack.

Roughly 3000 contracts traded the last 5 minutes. Impressive.

I`m seeing a clear lunch hour trading range on my 5-minute between 1294-1296,50.

I think I`ll be looking to enter on a breakout. No bias for direction yet.

TICK is still in negative territory and we have not taken out the highs of the range lately. Not sure how much meaning one should attach to it on such low volume.

IMO, a short would be just as likely at this point.

Perhaps bracket orders with sell @ 1293,50 and buy @ 1297 might be wise.
 
I have to admit that I start favouring a short.

We`ve been trading below the day`s mid and opening range low for most of the day. TICK has also been persistently negative, suggesting selling pressure.

Volume is still low though, so the current price action may be somewhat random before volume enters and we pick a direction.

Any opinions?
 
Quote from Laissez Faire:

I have to admit that I start favouring a short.

We`ve been trading below the day`s mid and opening range low for most of the day. TICK has also been persistently negative, suggesting selling pressure.

Volume is still low though, so the current price action may be somewhat random before volume enters and we pick a direction.

Any opinions?
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your analysis is spot on. it's very difficult to just do nothing, but that's exactly what the charts are telling us. Wait for a break out.
 
dollar should get to here,spx has a 19 pt range, 25-30 is a max avg ,so the 83 spx will probably be reached in the after hours,if this is the first leg of an extended down move,big money would be wise to hold it up so they can sell it to us,lite volume takes longer to build a large position
 

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Quote from Laissez Faire:

I have to admit that I start favouring a short.

We`ve been trading below the day`s mid and opening range low for most of the day. TICK has also been persistently negative, suggesting selling pressure.

Volume is still low though, so the current price action may be somewhat random before volume enters and we pick a direction.

Any opinions?
More...
Never short a dull market. 50% retrace 88-90. Gap above. IHS on 5 minute from ~92. IHS on monthly
 
Quote from Laissez Faire:

I have to admit that I start favouring a short.

We`ve been trading below the day`s mid and opening range low for most of the day. TICK has also been persistently negative, suggesting selling pressure.

Volume is still low though, so the current price action may be somewhat random before volume enters and we pick a direction.

Any opinions?
More...

The tick index part is wrong.

Extreme negative reading with $tick while the price does not drop is very bullish. It is called accumulation.
 
Long @ 1295. Stop @ 1293. Targeting 1300.

I should perhaps have waited for a better confirmation, but it seems like the low of the range was rejected, so I`m taking a bet here.
 
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