ES Journal Archive (2011)

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Quote from marceck:

Thanks.
I have stayed out of trouble by not committing either short or long, just hit and run. The tape is hard to read because the moves are so wide, it just boggles the mind. On top of it, to confuse matters even more, ZN is staying down, so cash is being taken out of treasuries. Are they telling us the rally will keep going much higher? Hedge funds no longer park their cash in banks, they put it in ZN, so they can move in and out quickly, put it to work in stocks if need be.
And look at this, NQ back at 2235.
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Looks like a late attempt to get it under that 2237 failed, what do you think? Bullish sign?
 
Quote from marceck:

I have always worked with the pit session close (4:15), but in this case the cash close does line up with the 200 ema, so you could vey well be right.
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It seems like you got your pit session gap fill on NQ in the end :) Good stuff today, marceck.

For what it`s worth though, I`ve always thought it made most sense to use the cash close for gap calculations since that`s when the stock markets close?

In my experience, using the 5-minute chart with a 4:00 close seems to have worked very well to gauge the levels. On the sell-off today, price bounced off the 4:00 gap top to the tick :)

The bottom for the day was one tick below the pivot point. Random or not? :)
 
Quote from diablo11:

Looks like a late attempt to get it under that 2237 failed, what do you think? Bullish sign?
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Looks bullish to me. The only thing bothering me is that in terms of cycles, we should be correcting into Labor day, so I am not going to make a call one way or another. This could be a trap, we'll see. But technically, it is bullish that we made it back above the 2011 open and the 200 ema for NQ.
 
Quote from Laissez Faire:

It seems like you got your pit session gap fill on NQ in the end :) Good stuff today, marceck.

For what it`s worth though, I`ve always thought it made most sense to use the cash close for gap calculations since that`s when the stock markets close?

In my experience, using the 5-minute chart with a 4:00 close seems to have worked very well to gauge the levels. On the sell-off today, price bounced off the 4:00 gap top to the tick :)

The bottom for the day was one tick below the pivot point. Random or not? :)
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Thanks LF. I have to say, it does leave me with major doubts, since ES did not fill its gap at 1204.75. In my experience, ES almost always ends up doing what NQ does. It came pretty darn close at 1207.50, but since NQ overshot lower than that, count me in the very cautious camp going into this weekend (I am repeating my cautious stance from the previous post).
 
08-31-11 07:15 AM

--Entered entry sell stop order to short one Sep contract at 1191.75. Initial stop will be 1231.00 if triggered.
--order still unfilled, but active. I will continue entering this order until further notice.
 
Quote from marceck:

Looks bullish to me. The only thing bothering me is that in terms of cycles, we should be correcting into Labor day, so I am not going to make a call one way or another. This could be a trap, we'll see. But technically, it is bullish that we made it back above the 2011 open and the 200 ema for NQ.
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jut something to add to your reading the market tool box,the market seesm to move within these seperations,cleavage to nip to cleavage ,this may be a resistance point
 

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"Trades entered with controlled risk near the nip and exited for profit at the cleavage, have much lower risk and higher reward than trades entered near the cleavage and exited for profit at the nip. Regardless of timeframe". The truth according to MM.
 
Quote from ammo:

jut something to add to your reading the market tool box,the market seesm to move within these seperations,cleavage to nip to cleavage ,this may be a resistance point
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ammo,

any update on ES you care to share?
 
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