ES Journal Archive (2011)

[Laissez Faire]

Double top potential here. Not convinced yet.

 

[JoshDance]

Yes -- at top of lower distribution, heavy net buying, could not break above 86.50 with authority. Potential for a short to return to 82 or lower IMO. But bulls in control at the moment, so selling will have to come in pretty strong.

 

[ammo]

picking bottoms here might work,if you were on a boat and caught one fish in an hour,you might move to a different spot,if the new spot rendered 10 fish in 10 minutes,you found THE spot,i don't think we have found the school of buyers yet,too close to the spx gap not to fill

 

[Laissez Faire]

Putting in a higher low in this zone and it`s a IHS.

Too hard to enter a short now because of that potential, unless one had a limit sell in advance at 86,50, predicting a reversal in advance! :eek:

 

[Laissez Faire]

Quote from ammo:

picking bottoms here might work,if you were on a boat and caught one fish in an hour,you might move to a different spot,if the new spot rendered 10 fish in 10 minutes,you found THE spot,i don't think we have found the school of buyers yet,too close to the spx gap not to fill

Where do you have the SPX gap?

Are you referring to ES 1151?

May still get filled later in the week, no? Or are you referring to another gap?

 

[tortoise]

Quote from JoshDance:

Yes -- at top of lower distribution, heavy net buying, could not break above 86.50 with authority. Potential for a short to return to 82 or lower IMO. But bulls in control at the moment, so selling will have to come in pretty strong.

very uncomfortable with the idea of shorting when the trin is > 3

 

[Laissez Faire]

It appears to me that unless holding a profitable long or short from here, it is not the place to initiate anything new from here.

Sad to say it, but I may have to wait for a break of the lows in order to enter a short.

Breaking above 87-88 should confirm the IHS, yes?

 

[anglagard]

Quote from anglagard:

Adjusting ES Dec11 Stop to 1271

Will remain short.

Taking 50% out of the short swing at the 4PM close, whatever that will be, will update tonight.

Second half is much more ambitious, leaving it for a market collapse or a break-even stop.

 

[tortoise]

Quote from Laissez Faire:

It appears to me that unless holding a profitable long or short from here, it is not the place to initiate anything new from here.

Sad to say it, but I may have to wait for a break of the lows in order to enter a short.

Breaking above 87-88 should confirm the IHS, yes?

Oh wow, yes, just saw that.

 

[Laissez Faire]

IHS remains intact, unless lower from here.

Brave longs may enter now, but I`m waiting for 88 or so, I think.