S/R Emini Journal

[4re]

Quote from K-Rock:

I'm starting to see divergence on the higher time frames; therefore, I won't go long again (went long at 1281.50 for 1pt.) until price breaks 1284.25 and hold. I won't think about shorting until price breaks 1277.50 and hold.

There is quite a bit of congestion right around the 78 level from last Thursday and Friday. I would probably be careful and wait for 77 if it were me. But with good volume you might be ok.

 

[K-Rock]

Quote from 4re:

There is quite a bit of congestion right around the 78 level from last Thursday and Friday. I would probably be careful and wait for 77 if it were me. But with good volume you might be ok.

I agree. Price action would have to confirm it before I would take it for a quick scalp.

 

[4re]

Quote from K-Rock:

I agree. Price action would have to confirm it before I would take it for a quick scalp.

Did you take the short at 78.50? You could have made a point on it.

 

[K-Rock]

Quote from 4re:

Did you take the short at 78.50? You could have made a point on it.

No. Price action (LL) has not confirmed it yet.

 

[JimmyJam]

Yawner, on days like this I like to catch up with my reading.

http://www.innerworth.com/

The articles are free and deal with a lot of psychological aspects of trading.

Later,

Jimmy

 

[K-Rock]

Since we are in the lunch period it's probably best not to take any trades, unless price breaks 1284.25 or 1271.

 

[4re]

Quote from K-Rock:

Since we are in the lunch period it's probably best not to take any trades, unless price breaks 1284.25 or 1271.

Yeah, I don't normally trade during lunch unless there is something real special come up. In fact today I doubt that I will do another trade. I am going out to run errands in a little bit.

JJ,
Here is a site for your boredom pleasure.

http://www.killsometime.com/

Gary

 

[Tonkadad]

Quote from volente_00:

s/r says short here at 1276.75.

I wanted to better understand your reason for entry. I was up last night when you posted and took a look at your chart and although I saw that the price was at the line you called resistance, not having pre-market charting at this point I couldn't follow the action.

So to my question, do you wait for a trigger once you have a possible setup or is it just a absolute rule you follow?

Trigger = price is at a possible point of resistance and once price breaks below a trendline or prior bar etc.... I will go short.

Rule = price hits resistance I am short at that price minus a couple of ticks.

Thanks for your reply.

Thanks also for everyone who contributes on this thread. Its like an oasis of civility.

 

[K-Rock]

Went short 1276.75.

 

[4re]

Quote from K-Rock:

Went short 1276.75.

Be careful this thing could break either way right now.