ES Journal Archive (2011)

[Laissez Faire]

Ladies and gentlemen,

Is the top in?

Double top and failure to tag the daily highs on this last leg up.

Very similar price action in all three indices today.

Maybe we`ll pause @ 43 before going higher. Volume is still very low.

 

[emg]

Quote from volente_00:

sometimes sitting is the best position. I think we chop around and as long as the monthly neckline holds the grind will be up. Low volume summer is coming which will make it easier to move price where they want

Buenos dias!. No more ES!

 

[Omega]

Short @ 46.00

Edit: target is a point.

 

[Laissez Faire]

Long @ 1345,50. Stop @ 1343,50. Target 1350.

Price found support at 43 and broke out.

EDIT: Stalled at the daily highs and las week`s mid. A break of this level should give us 1350. May take a cheaper exit if we reverse now.

 

[Omega]

Out @ 44.75

 

[Laissez Faire]

Quote from Laissez Faire:

Long @ 1345,50. Stop @ 1343,50. Target 1350.

Stop hit. Did not take that cheaper exit I considered. -2,0.

 

[Laissez Faire]

The word choppy just got a new meaning

Triangular formation on the 5-minute. Curious if we`ll see a meaningful breakout either way by the close.

 

[ammo]

es

 

[Laissez Faire]

Quote from Laissez Faire:

I will be carefully watching the 1345 area this week. If the rally is to continue, we should rather quickly close above that area, being the last two weeks 50% and PP zone.

So far, so good, amigos.

I have to say I find it very interesting that today`s high was last week`s range exact 50% level. To the tick!

1343 is the pivot point from last week`s range and acted as support on this choppy afternoon that I should never have traded in the first place.

It will be interesting to see what the t-day boyz have in store for us tomorrow. Perhaps they are sneaky and take out 1345 overnight and gaps up tomorrow.

Opinions?

 

[volente_00]

Quote from Laissez Faire:

Stop hit. Did not take that cheaper exit I considered. -2,0.

You are chasing. When price runs 9 to 11 points up and you buy and chase you will get stopped out over and over again. Vice versa on down moves.



This is emotional fear and greed trading controlling your actions



If you want to survive over the long haul and be profitable, you must buy when the majority are selling and sell when the majority are buying. The reason so many fail is because the emotional aspect of being able to pull the trigger in these situations goes against everything you have ever learned throughout your life.

NEVER EVER CHASE PRICE WITH A TRADE