ES Journal Archive (2011)

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Quote from seouljah75:

I guess back door QE is not liked.
Been on a losing streak as of late. Almost gave back everything I earned last week.
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I guess Im out of that long also. p/l looking bloody red. stepping away today.
 
Quote from JoshDance:

Pretty bold but I'm intrigued -- if we're unable to break through by ..when? What if we go up now, turn away at 37.50, and then trade down to mid 20s ... would that be sufficient to say we're going down to 80s? Interested in your take..
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Valid questions! Tardy answer!

Briefly, I peg 37.50 as the top of the trading range. We either break out or break down. Looks like we're going to break out.

Nice advice, btw, to whomever it was contemplating a short last night...
 
Quote from seouljah75:

Short 1236.50. Market is in a tight consolidation phase due to resistance at 1237 area. I think if this breaks down, it will break down hard and fast. The Euro crap is still imminent and trading volume was extremely light on the rally. Looking for a breakdown to the 1217 1218 zone for target with a tight stop just in case this breaks up. If this break upward, I will be stalking a short in the low 1240's (1242, 1243, wherever this slows down in that area).

How is that for a trading Plan? Please criticize or educate me if you think this trading plan lacks any depth and please show me an example or path to a good one. Thanks All!!!
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Just saw your post. If I have learned anything over the last 5 years of trading full time, trying to pick tops and bottoms is a dangerous game all around. They can be very profitable trades but also hurt just as much when psychology starts entering the decision making process.

You are spot on with the volume comment but that is why we are getting such strong moves in both directions and why this thing could keep going up into the upper daily resistance TL. Therefore, I would not try to fade anything and only trade in the direction of current strength with stops. Just my 2 cents and fwiw, I typically lean short but trying to get away from trading my macro bias. I do agree with you an Europe but how many have been burned on this over the last 2 years.

Good luck to you and happy holidays.
 
Quote from Lawrence Chan:

39 to 42 last line of defense for bears

if ES drift straight up to there and stalled, better with NQ printing lower high at that point, then we get a quick selloff to day VWAP

your 2nd target will still be likely hit after that
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satchel, your 2nd target 50 almost tagged last night. =)
 
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