ES Journal Archive (2011)

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Quote from ammo:

then a possible short squeeze
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In the DX or the ES?

(Funny, I was going to ask you what you thought about a counter-trend long here for the next half hour)
 
I got into the trade, kept thinking I was on the right side, wishing and hoping, and didn't use a stop until I thought we had a bottom, then put a 1.5 pt below that. I was already so far under water. Damn!
Always two steps forward and three back.
 
06,75 will once again be a reaction point.

Failure there will provide at least a nice scalp using a tight stop.

Taking out that level and finding support there, could provide a sweet long entry.

As always, my subjective opinion :)
 
Quote from schizo:

So what's the upside target in the event we do reverse?
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I`m not so sure we do, but if we do, I would first look at the 1115 level, being the current 50% level and also the support from this morning that was broken.

Taking out that level, I think Friday`s lows is the next stop.

That`s a possible chain of events, but I deem it very improbable since the bears still remain in control.

Any short squeeze would have to be effectuated by the T-Day Boyz tomorrow, me thinks :)
 
Adding to that, I would say that one always needs to remember and consider who`s been in control for any given day.

At which point have they given up?

In my humble opinion, that would be building support at or taking out 1106,75 with force.

If the bears come back out of the bushes, it is more likely at this point that we slide down to 1190, although it looks a little overdone.

Sure, one could enter a long here @ 1197 with a 2 point stop, but is it worth it?

Not for me :)
 
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