ES Journal Archive (2011)

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Quote from Laissez Faire:

It is tempting to pick a top, but based on my reading of the charts, the bulls are in control for now. Any attempts to sell are countered with stronger buying.
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Exactly man. You actually never have to pick a top, you could always wait for the market to confirm weakness first and then sell the first pullback. The ES will almost always give you that hint of reversal and then give a chance to hop on the train.
 
Quote from bigsnack:

Exactly man. You actually never have to pick a top, you could always wait for the market to confirm weakness first and then sell the first pullback. The ES will almost always give you that hint of reversal and then give a chance to hop on the train.
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Damn right. I just added that to my previous post as you wrote this one :)
 
2011-08-31-TOS_CHARTS.png


If this TL breaks I'll buy it again.
 
Quote from Laissez Faire:

In other words, do not step in front of the train unless you see clear signs that it`s slowing down. The cool thing about the ES that I often tend to forget is that one usually gets more than one chance to enter at the same price.
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This was a huge lesson for me as well. I found that my entry price was either the same or better if I waited to sell the first pullback as opposed to selling on the way up and having it go against me. Waiting for the pullback allowed virtually no heat.
 
Quote from bigsnack:

This was a huge lesson for me as well. I found that my entry price was either the same or better if I waited to sell the first pullback as opposed to selling on the way up and having it go against me. Waiting for the pullback allowed virtually no heat.
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Absolutely. I`m just a slow learner I guess :)

I think I`m looking to be a buyer here as price pull backs. Perhaps around 23 if we get that far. What targets are you guys looking at for the end of the day?

May we start filling that gap above perhaps...?
 
Quote from Laissez Faire:

It is tempting to pick a top, but based on my reading of the charts, the bulls are in control for now. Any attempts to sell are countered with stronger buying.

In other words, do not step in front of the train unless you see clear signs that it`s slowing down. The cool thing about the ES that I often tend to forget is that one usually gets more than one chance to enter at the same price.

One usually gets time to pick a top as well, so it is better to wait for one to form instead of getting stopped out to infinity before eventually being right :)
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+1
 
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