Fas/faz - 5/11

Quote from Haroki:

Well, I'm still short biased here (long FAZ) but not in anything yet today.

Now that the morning volatility has settled down, we'll see which way she wants to run.
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I'm short biased too. I'm waiting for a good run-up that may serve as a justifiable short entry. I'm looking for an overbought condition on /TF & /ES 5min charts.
 
Quote from Eko_Trader:

I'm short biased too. I'm waiting for a good run-up that may serve as a justifiable short entry. I'm looking for an overbought condition on /TF & /ES 5min charts.
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Yep.

I'm seeing this as a weak ass retrace. It may last all day, who knows.

But I won't just call a top and enter. I'll wait for some kinda mid term trend up.

If I don't see it, or my long term changes, I'll rethink it.
 
Quote from scot.mcpherson:

I hopped out of faz this morning and hopped back on FAS. Sorry another busy day, I just got out of a meeting.
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Sounds like you are great at timing these funds Scot, good for you - im jealous!
 
Quote from kurbin:

Sounds like you are great at timing these funds Scot, good for you - im jealous!
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pfft don't be jealous, I lost a lot of money earlier this week. I lost somewhere in the realm of 30%-35% across 4 trades because of bad decisions.
 
Quote from Haroki:

Yep.

I'm seeing this as a weak ass retrace. It may last all day, who knows.

But I won't just call a top and enter. I'll wait for some kinda mid term trend up.

If I don't see it, or my long term changes, I'll rethink it.
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You're a thinking Man...I like your style. What I'm seeing now is an increasingly thinning up volume, and the Heikin Ashi is indicating a trend change on my 5 min chart.
 
Quote from Eko_Trader:

You're a thinking Man...I like your style. What I'm seeing now is an increasingly thinning up volume, and the Heikin Ashi is indicating a trend change on my 5 min chart.
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This is what I'm looking at.

ES was in a 6-8 pt range late yesterday, and continued into the morning, then it broke weakly to the upside of that range - between the green and long blue lines.

But my real resistance lies on the long green line up around 895. If that gets broken, then I'll start thinking long - FAS.

Financials are dragging things UP right now, but in the long run, I'm thinking that the "market" will drag it down.
 
Does anyone have a good recommendation for a book regarding day-trading? Obviously I would need something for a beginner.
 
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