ES Journal Archive (2011)

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Quote from JSHINV:

Hang Seng and Nikkei starting out with a nose dive.
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Somebody is paying attention.

Shhh.... Don't want to wake up the bears.

Can someone tell me why the Stochastic (A Price Oscillator) on the daily chart SP500 is showing that we are coming down from an overbought scenario.

Really overbought we only made it up to 1206 the last swing high.

No way... the market is going to eat 1210 for lunch. There is not room for another 40 point downside.......

The market is not in a downtrend......

Crude Oil did not drop $6 dollars a Barrel

I have stochastic settings as

%K Period: 8
%D Period: 5
Slowing: 3
Using closing prices
Moving Average: Exponential

Basically 8,5,3

If someone sees something different with different settings let me know.
 
Quote from volente_00:

r10 long triggered in ah


next stop 1158-60


:)
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I'm thinking it may need to test (and breach) Thursday's RTH low before they can reverse it meanigfully to the upside for tomorrow. A good 15-20 point gap overnight, maybe 25, for a 2nd day gap play seems about right given the current environment. For better or worse V that'd move your 50% retrace target lower at the same time. :)

Add: I'm kind of going by what happened on 8/4 - 8/5 for this hair-brained theory. Of course we all know the market never repeats itself exactly.
 
Bias to the short side obviously futher down move expected. But, a quick retracement fast up certainly possible tomorrow or tonight. Point being this after rth session, I don't feel right about entering a trade tonight either way. Last night was a better set up to go short than tonight - I missed that train though.
 
I plan on going long 30.5 to 60. Volume rotation held when they bought 1098. 35% of the week's average started to turn to the upside 60 minute RTH. Better than average volume overnight. 2.618 projected average of minute's 25 RSI created a leg testing 33 and they just bounced shy of 30.5 to beat 33. I like long for the next fiscal quarter.

They'll test 30.5 hard. If it's beat I'm cash.
 
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