ES Journal Archive (2011)

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blotto.. it did not behave normally and predictably. Trust me I know price action. The Greek news drove in large sellers. Who just obligerated the technical traders


Believe what you want.. this is not what you were saying earlier.
 
Quote from Lucias:

blotto.. it did not behave normally and predictably. Trust me I know price action. The Greek news drove in large sellers. Who just obligerated the technical traders


Believe what you want.. this is not what you were saying earlier.
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I agree with you. Everything was set for a push higher at the Europe close, strong internals, VIX at lows, etc..It was a perfect squeeze set up. But then that treasury auction went bananas and I think that triggered some computer selling in equities.
 
Quote from marceck:

If ES cannot hold 1310 at the close, it will get ugly tonight. Traders need to respect this kind of reversal and use caution and not blow out their accounts. A test of Globex lows is coming (1307.25), let's see how we do there.
As a rule, when you get a strong auction like today on the ten year (even at 2.9%!), you need to watch your step with equities. At least for now. Longer term, this is bullish because international money is flowing into US bonds, which will in turn go to US equities. But for now, be careful. I'm still in scalp mode, expecting a cycle turn soon, though.
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Well here it is. Nasty flush.
 
Quote from Lucias:

aquarian: I wouldn't gloat too much. Blotto's expectation was the high probability expectation. He was wrong about the news though. The greece downgrade changed the market sentiment.

The guys shorting at new highs... that's not a play that will work out in the long run.

He was overconfident. We all are.

I can't believe how the market is slicing through levels like butter. The SP is trading like a commodity.. no give and take. just straight up and down. Wait till these short *** have to close.

Maybe it will rally into the close. We do have a wide range when tends to limit the downside.

What do you think? Are these new lows a buying opportunity for a trade back to 1322-1325?
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Hi Lucias,

I'm sorry if it came off that way. My apologies (both to you and blotto) I didn't mean it as gloating.

I personally have nothing to gloat about -nor is it my style if I did. (I totally messed up by going into the trade far too early and by the time I was at BE I was all to ready to take a profit).

Today I had a lot of heat for basically nothing and all my own fault. I continually go in too early.

I was only reaction to B's fairly smug tone about shorts being squeezed after the high of the day had long been put in.

Perhaps his was high probability but after being up 14 pts from the low of 1313.75 at 8:58CT and with yest range being 14.50, its really calling the action after it had already happened. (14/14.50 is 96.5% of prev day range already done.)

I guess when it's weekend quarterbacking and he didn't post his trade (that I saw) - it was slightly annoying.
 
Quote from volente_00:

Looking for a selloff from 27-30 previous neckline with a stop at 35
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"Looking for" and getting it are not exactly the same thing, especially as it was posted around 2500 region.

Therefore, I can only assume you did not get your entry price..please correct me if I am wrong...again...:D

NiN
 
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