ES Journal Archive (2011)

[ammo]

spx nip at 1256-62,53 es would be resistance on the lower ledge

 

[Lawrence Chan]

Quote from wave:

But it seems they will take it to 1264 and call it an early day.

Both sides want a piece of the move.

If long side willing to compromise, will form a top from 54 to 61 and collapse from there.

 

[Builder17]

Quote from ammo:

add 52

trying short 52.25

stop 55

target 49

 

[JoshDance]

That "nip" is insignificant in the bigger picture, IMHO

Question: if you were a longer term trader looking to get short, where would you do it, based on this chart:

http://screencast.com/t/VkpSpswe2

For the profile, here is a 5 year profile, look where the real "nip" is:

http://screencast.com/t/SQUCSw1xXu

Now depending on where you will take profits, I have no doubt that shorts will try to short it quite aggressively all over the place, including this empty space. For all I know it will reverse right where you say it will ammo, this is just my read.

 

[fishing]

Quote from Lawrence Chan:

Both sides want a piece of the move.

If long side willing to compromise, will form a top from 54 to 61 and collapse from there.

why do you think a collapse? how low?

why not a rally into chrismas so everyone's happy

 

[JoshDance]

Furthermore, despite the doomsday in us perhaps due to news, etc., this picture is still quite bullish overall:

http://screencast.com/t/LVKsTBtn

 

[Builder17]

Quote from Builder17:

trying short 52.25

stop 55

target 49

stopped

 

[tortoise]

Quote from JoshDance:

Furthermore, despite the doomsday in us perhaps due to news, etc., this picture is still quite bullish overall:

http://screencast.com/t/LVKsTBtn

Actually, that looks a lot like a bearish Wolfe Wave formation...not that I'm saying "down"...just that I think price charts are, more than anything, rorschach tests

 

[ammo]

there have been 11 exp in the es in the last year so you want to use spx,the farther back you go the less accurate it is because those trades are less likely to be open int... your chart there are a few small details to add in..its just something to improve your guessing power

 

[Lawrence Chan]

Quote from fishing:

why do you think a collapse? how low?

why not a rally into chrismas so everyone's happy

1. It is what the chart is telling us from 54, 64, or 74 does not matter to the players in control

2. to fill 2 gaps below

3. yes a rally too after this selloff