ES Journal Archive (2011)

[schizo]

Quote from EliteThink:

and reflected in vix. makes me suspicious of going lower.

When it's this orderly, you know they have crap or two up their sleeves (or ass for those who are into that stuff--you know who you are. ).

 

[Laissez Faire]

Still around, but just watching.

I may be stating the obvious, but the key now is how we react to the daily lows.

Do we bounce off? Slightly overshoot it? Put in a higher low?

Or do we unlock more volume and slide down to 1190? SPX is only down 2,48% as of writing this, so I would not be surprised to see 1190.

 

[kinggyppo]

welcome to October!

 

[Laissez Faire]

Both ES and ES bounced off a round number there!

1190 and 2070 next? :eek:

 

[ammo]

spx 1097-87 in the cards

 

[DanS]

Don't do this. Long 1111.75. Stop 1096.75.
Just got hit. ( -15)

 

[ammo]

then a possible short squeeze

 

[ammo]

spy

 

[schizo]

Quote from ammo:

then a possible short squeeze

I'm willing to bet DX will break higher in the coming days.

 

[Laissez Faire]

Quote from DanS:

Don't do this. Long 1111.75. Stop 1096.75.
Just got hit. ( -15)

Then why did you?

My sympathies, Dan

I usually do not have any problems picking a top with a tight stop, but I never ever try to catch a falling knife. If however I were trying to do just that, I would use a very tight stop that I could quickly breakeven.

Another reason that it is usually not wise to catch a falling knife, is that bottoms usually are a work in progress and takes time to complete. The levels are tested at least twice and V-reversal are rare.

Another thing that concerns me is that if you used a 15 point stop, you would at least expect 1126,75 by end of day? That would perhaps be a stretch on a trend sell day.

If you can learn something from it, it is not a tragedy. I`ve lost far more than that on my worst days.

Chin up