ES Journal Archive (2011)

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Tough choice.

Although NQ filled it`s gap, I don`t see anything indicating a reversal on the ES chart or any significant support this far.

AH low and S1 at 1190. Maybe that can stop the break.

I would of course prefer 1182, but perhaps I`m greedy?

Locking in two ticks and crossing my fingers.
 

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Quote from austinp:


Russell 2000 (TF) futures weekly chart, widely regarded as the leading proxy for all stock market direction. Same technical story as ES
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I could not disagree more with that statement.

ES, NQ and TF at the 2009 lows, NQ was the one that pointed to a low being made by not making a new low while ES and TF did.
 

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Quote from Laissez Faire:

Tough choice.

Although NQ filled it`s gap, I don`t see anything indicating a reversal on the ES chart or any significant support this far.

AH low and S1 at 1190. Maybe that can stop the break.

I would of course prefer 1182, but perhaps I`m greedy?

Locking in two ticks and crossing my fingers.
More...

LF, while I'm sure you're a much better ES trader than me, here's a piece of advice if I may:

Big moves don't usually happen in a non-stop straight fashion, so either play it tight (as you normally do) and go for shorter moves (say 3 points) or if you're gunning for your original, larger target do not move your original stop. I.e. make up your mind and choose between greed and cautiousness - seldom you can have both.

My apologies if it sounds patronizing - I must be getting old :D
 
Quote from Picaso:

LF, while I'm sure you're a much better ES trader than me, here's a piece of advice if I may:

Big moves don't usually happen in a non-stop straight fashion, so either play it tight (as you normally do) and go for shorter moves (say 3 points) or if you're gunning for your original, larger target do not move your original stop. I.e. make up your mind and choose between greed and cautiousness - seldom you can have both.

My apologies if it sounds patronizing - I must be getting old :D
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I agree. Kind of working out my style so I`m still experimenting and learning.

I have just found that it is often better to take a breakeven or small profit/loss and get back in if I still believe in the trade, rather than taking the full stop. Sometimes that`s helpful and sometimes not.

With regards to stop, I do tend to move them around and I moved the one I posted as well afterwards, since I saw that it was too tight according to the trendline and potentially a retest of previous support @ 94,50.

It`s just that I never move my stop beyond my max limit of 3 points on a day trade. Beyond that, I`m flexible, both ways.
 

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What does the market internals tell you guys today? NYSE TICK looks weak yes?

Looks like a trend day to me, with continuation from yesterday.

NQ bounced off yesterday`s low on the first attempt. Maybe a bottom is in. I hope we`re just retracing :)
 
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