ES Journal Archive (2011)

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The fact that we could not even test the prior breakout point at 48.50, even after breaking the support at 49.75, is indicative of strength. The shorts have provided a lot of the fuel for this move up when they have to bail each time because they're guessing at a top.
 
I forget if it was Ammo or Volente that said it, but to paraphrase, the market runs up into unemployment, then sells off. We're setting up perfectly for this.
 
Quote from Laissez Faire:

Confirmed trend line break now. 20-EMA did not hold. Let`s see if 48 holds or if Volente will be drinking mojitos tonight after all :)
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41 is much more of a reality check than 48 ... 48 breaking just means the bulls may be waiting for a better price. I don't know what volente's average is, but I think it's gotta get below 40 just for him to buy one mojito. The guy who averaged down yesterday and held because he was "right" has to wait until 28 before he can break even. Even if that happens, and even if it plummets to 1000, is it worth it to go through this much risk? I guess each trader has to decide for himself.
 
Quote from JoshDance:

41 is much more of a reality check than 48 ... 48 breaking just means the bulls may be waiting for a better price. I don't know what volente's average is, but I think it's gotta get below 40 just for him to buy one mojito. The guy who averaged down yesterday and held because he was "right" has to wait until 28 before he can break even. Even if that happens, and even if it plummets to 1000, is it worth it to go through this much risk? I guess each trader has to decide for himself.
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Last time Vol posted his average, I think it was around 36. We got down to 30. Vol, like Ammo, trades around his position and as far as I know he could be completely out - not saying he is.

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IMHO we can go down to 43-44 and still look upwards
 

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Quote from Picaso:


IMHO we can go down to 43-44 and still look upwards
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Was thinking the same area, more like 41 for me, this is today's profile and there's a nice separation between balance areas around 41.
 

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