ES Journal Archive (2011)

[wiesman02]

Long @1295.75
stop @1294

Prediction based upo price action: a short squeeze will result and we get an afternoon uptrend. Looking for 7-10 points on this play

 

[Laissez Faire]

Quote from Lawrence Chan:

The tick index part is wrong.

Extreme negative reading with $tick while the price does not drop is very bullish. It is called accumulation.

Good observation. Thanks for reminding me of that one

 

[Laissez Faire]

Meeting resistance here at day`s mid and top of the range.

Patience is a virtue for an ES-trader

 

[cashcarewins]

Quote from Lawrence Chan:

The tick index part is wrong.

Extreme negative reading with $tick while the price does not drop is very bullish. It is called accumulation.

I don't think that matters unless there is some volume confirmation, which we don't have.

Personally, I am looking for short setups around 1298, that is the 3 day low (we are upside down from there) and the overnight low. There is also plenty of time for that to work out. Probably high volatility in last 15 minutes today.

 

[Laissez Faire]

Quote from Laissez Faire:

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.

Stop at B/E. Sell limit @ 1300. OCO.

Might manage it differently if the trade is still open by the time I`m back.

That is, we might go for a partial gap fill after all. 1308 should be a target then.

EDIT: Messed up order placement, so I`m trailing stop to B/E, not 1296.

 

[Laissez Faire]

In addition to being the mid of the opening range, 1298,25 is also last week`s low. Might be slowing down here.

 

[bigsnack]

Here comes the volume, longs closed!

 

[bighog]

bigsnack....... explanation please..... here comes volume on a upmove (smallish) and you bail i am confused.....

and DUH!! i see no volume

if anything, on a change in direction........you WANT volume to be stimulated by a price move............... volume is like an "ASS" it always follows... NEVER leads

 

[bigsnack]

Quote from bighog:

bigsnack....... explanation please..... here comes volume on a upmove (smallish) and you bail i am confused.....

and DUH!! i see no volume

Based on the chart that I reference, when I see any type of volume into an UP move, I am closing my long position. That doesn't mean I'm selling, but I'm not interested in keeping my long. This is especially true if I'm at my average target per setup, which is 3 points.

 

[wiesman02]

Quote from bigsnack:

Here comes the volume, longs closed!

Price looks like its in bullish continuation mode to me. There's no indication this is going to flop back down. I'm holding my long and betting for 1302 right now.