ES Journal Archive (2011)

Laissez Faire · Oct 12, 2011

Quote from keeptradin':

Covered at 14.50, +3. Volume picked up nicely there.

I love it when there is actually some follow through, chop drives me nuts.

Nice trade!

Unless it was just a stop run, it looks like we may reach 1220 soon.

Laissez Faire · Oct 12, 2011

Quote from JoshDance:

Do you find that NQ leads ES? I never watch NQ or YM.

Ask Lawrence Chan

It was he who taught me to look at NQ and I believe he has done studies with the conclusion that it frequently leads.

Personally, it has confused me at times as they often diverge, so I always weigh ES PA more. However, last Friday, NQ gave the first hint that we would not see a trend sell day when it put in a significant higher low. On a strong move, you would like to see the indices move together without any divergence.

Another clue might be that if for example ES filled it`s gap, but NQ is not finished, it may be a hint of more upside/downside in ES as well.

It is definitely worth charting.

JoshDance · Oct 12, 2011

Volume nowhere near what I would expect to see at a reversal point. Looks like healthy continuation IMO.

JoshDance · Oct 12, 2011

Quote from Laissez Faire:

It is definitely worth charting.

Thanks, may give it a try if I can find the attention span for one more chart ;-)

Laissez Faire · Oct 12, 2011

NQ keeps trading inside that channel. Not sure what to make of all this. Tempting to go long on a pullback, but I guess not.

A short probably has the best R/R from here if it materializes...

keeptradin' · Oct 12, 2011

Quote from Laissez Faire:

Nice trade!

Unless it was just a stop run, it looks like we may reach 1220 soon.

Thanks, doesn't look like the Fed has had any effect on the market so far. I agree with JoshDance that the thin volume shows there is currently order in the market. But we could be done with upside for the day, considering how far we've gone on...nothing.

Notice how volume spiked at the 14.50 level?? That was all the shorts who put their stops two ticks above the previous HOD.

We're competing against the best here boys 'n girls, gotta take what you can get when you can get it.

dax3k · Oct 12, 2011

so the recession is over?

I don't understand what's going on

[Proximo] · Oct 12, 2011

NQ up 15% in 7 days.

Someone's got their hand in the cookie jar. Me thinks.

keeptradin' · Oct 12, 2011

Quote from dax3k:

so the recession is over?

I don't understand what's going on

Didn't you hear on CNBC?? It ended two years ago...LOL!!

Intraday price action is never about the market fundamentals, IMHO.

It's always about which way the big players want things to go, and us little people trying to hitch a ride.

Laissez Faire · Oct 12, 2011

Quote from dax3k:

so the recession is over?

I don't understand what's going on

Are you a trader or an analyst?

I love this current action. I think a nice trade is setting up here.

NQ and ES breaking their respective trend lines should be a beautiful short.

ES breaking out to the upside could also be worth a few points.