ES Journal Archive (2011)
- Thread starter Buy1Sell2
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And those 15 mns are always critical, right when earnings come out
Please, I don't want to get into an argument, I have been trading futures since the 90's and this is my observation. Feel free to have your opinion, but I do want to point out to other traders here that I am not in agreement.
NQ gap closed. Longs may enter now
Quote from Picaso:
30-point range overnight... Two 10-point moves in about one hour...
Maybe you've been spoiled by the recent volatility, LF
If you find this market sleepy, try placing a few trades... better than black coffee
I`m beyond spoiled and I don`t trade the overnight session. I got a wake up call when I found myself complaining about the 20 point range on Monday
It has occurred to me that I may be more of a momentum trader and should perhaps trade something else than the ES. Currencies? Crude oil?
I still feel a deep love and attachment to ES, although she treats me badly at times
Yes I do, but I often find myself thinking too little as well
You do seem to miss a point though, if I may be so bold that I say so.
The institutional players may not trade off technical patterns and pennants, but they do create them when they participate in the markets for whatever reason they have for buying or selling.
When ES made that double bottom to the tick (even more bullish since it was a tail on the 5-minute) and NQ even made a 3 tick higher low (even more bullish) at the bottom of the day`s current range, that does say something about how that price level is perceived at that moment in time. The bulls were willing to bid price higher at that point and were not willing to gamble on getting a better price. It did produce a 10 point swing in the ES, did it not?
I have to admit that I`ve been paying too little attention to this old friend of mine lately. Nice 10 point swings today though.
Enjoy the long weekend, traders!
09-02-11 01:42 PM
09-02-11 05:21 AM
08-31-11 09:36 PM
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.
--Ordered changed to market order. Sold one Sep contract at 1196.50. Initial protective buy stop is 1233.00 instead of the 1231.00.
--Buy stop lowered to 1216.50 7:42 AM CST 9/02/11 (current price 1184.00)
--will lower buy stop on Mon evening to 1201.50 just prior to open (current price 1169.25)
09-02-11 05:21 AM
08-31-11 09:36 PM
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.
--Ordered changed to market order. Sold one Sep contract at 1196.50. Initial protective buy stop is 1233.00 instead of the 1231.00.
--Buy stop lowered to 1216.50 7:42 AM CST 9/02/11 (current price 1184.00)
--will lower buy stop on Mon evening to 1201.50 just prior to open (current price 1169.25)
Quote from Laissez Faire:
Yes I do, but I often find myself thinking too little as well
You do seem to miss a point though, if I may be so bold that I say so.
The institutional players may not trade off technical patterns and pennants, but they do create them when they participate in the markets for whatever reason they have for buying or selling.
When ES made that double bottom to the tick (even more bullish since it was a tail on the 5-minute) and NQ even made a 3 tick higher low (even more bullish) at the bottom of the day`s current range, that does say something about how that price level is perceived at that moment in time. The bulls were willing to bid price higher at that point and were not willing to gamble on getting a better price. It did produce a 10 point swing in the ES, did it not?
That so called double bottom in ES and NQ is a result of those players taking partial profit on their short positions. It doesn't mean that they were betting on an all out reversal. When it's time to buy, they do so at support, and retail traders will chase price and try to play a breakout and buy at resistance. Why do you think the double bottom never materialized? Because professional money knew that price will head back down. And where do they sell again? At the top of that double bottom, fading it of course because that is percieved at that moment to be the best price. And guess what, they were right and retail traders that tried to play a double bottom were wrong.
The point is if you focus on patterns, then you will miss out on the bigger picture. In hindsight, you would've been alot more profitable fading that double bottom then to try to play it. But then you wouldn't need hindsight analysis to fade the double bottom if you understood the larger sentiment.
spx bearish scenario,we are currently in a small uptrend with higher lows, possibly a bear flag,if the 1175-1193 nip or the 1181 tl holds as res,we work down to 1155 for a brief stop then down to 1093 nip,if that doesn't hold as supp,then its res and we work our way down to 958-67 area with a few denoted branches on the chart to break the fall,the 1009-17 cleavage could be good for a bounce back to 1040-45
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