ES Journal Archive (2011)

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Quote from Macho:

I hope this one works out for you...good chance.:cool:
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It did, thank you very much :)

Trailed myself out on a tight stop @ 67,50. Not my initial target, but enough to buy emg some mojitos :)

The bottom line is that my market knowledge is not good enough to read the retraces.

I still think we will see 60, but I don`t know the road there. Maybe we`ll retrace some of this move first.

NQ filled it`s gap for today, so maybe the bottom is in as well.
 

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I don`t see anything stopping us from filling the gap below completely by end of day. That would be 58.

It may still be time to get a piece of that :)

Let`s pray we chop around here for a while and go higher, providing ample opportunity for a low risk short entry :)
 
Quote from Builder17:

nice trade LF
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Thanks.

I was tempted to get back in @ 65, but I don`t feel extremely confident in that entry, so I`ll pass.

Will look to re-enter if we should get a retrace up to the 70s first, but I`m not very confident we will.

In that case, waiting for a bounce from a potential bottom around 58 might be a better solution. When one is late to enter a move, it is usually better to wait for that move to end and fade it.

We coould very well bounce of yesterday`s lows for now, but one would think that the gap below would be convenient to fill first.
 
Breaking out of the bear flag channel now.

I would like to see what happens around 72.

It could provide a nice short entry, but one have to entertain the idea that the bottom is already in as well.

The obvious target then would be yesterday`s high if we can get any support at the current 50% level.

Any opinions?
 

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