ES Journal Archive (2011)

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Quote from gmst:

its a long term position, i think i might keep it till end of week :) Looking for 20-40 points on this trade, might touch it to book profits ealier, but won't touch it unless stopped.

Basic premise is, I think we will go down, and I am willing to bet on this premise - especially since after consumer confidence we didnt move - when the number was so better than expected.

Oh yes i will take off the trade on friday before nfp.
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things to think about: end of day buying or selling, i.e. last week and even last friday no matter how much the range stretched up there was selling blast at end of day. shorts had it made. now look at monday, first time we had huge buy bar at end of day. is it a change in trend? could be, so it is time to look for clues.

as for moves after a number, the real move can come 10 minutes after the release, forget the gyrations.

anyway, keep an open mind right? the end of day is a tell, consumer conf was a big plus, black friday in the billions, that's the 'spin' for now.
 
Quote from satchel:

things to think about: end of day buying or selling, i.e. last week and even last friday no matter how much the range stretched up there was selling blast at end of day. shorts had it made. now look at monday, first time we had huge buy bar at end of day. is it a change in trend? could be, so it is time to look for clues.

as for moves after a number, the real move can come 10 minutes after the release, forget the gyrations.

anyway, keep an open mind right? the end of day is a tell, consumer conf was a big plus, black friday in the billions, that's the 'spin' for now.
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Thank you very much, I see what you are saying. One more point that could prop up the market is talk about 100bn facebook ipo.

All this, especially the end of day spikes can easily put me out of the position, even if ES ends below 1180 sometime during the week. Thanks for heads up again. Probably I should undertake such plays when I can trade multiple contracts, and then scale-in at 1210 rather than getting stopped out at 1210.

I will look to close this position sometime today itself rather than carrying it overnight, unless we sell-off below 1190 during today. I will undertake such plays only when I can afford to trade at least 2 contracts.

Btw, I frequently undertake such plays in fx and keep them for >2-3 days and in >80% of cases I end up making money. However spot fx allows me to scale in and out of the position because I can trade in increments of 40k-50k and am not limited to trade in digital number of contracts - which is too big for my account as of now.
 
Quote from macho grande:

i bought Josh's "99"..wish me luck :eek:
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50% on the session is 1196.75 ... which is right above that idiotic 96.25 level ... there's your line-in-the-sand
 
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