S/R Emini Journal

[belavia]

Alright, good luck, it is already 1305.5.

 

[4re]

Quote from belavia:

Alright, good luck, it is already 1305.5.

I am only looking for a quick scalp here. Maybe 1.25 or 1.5 myself.

 

[romik]

Quote from romik:

1302 break and 5 day upper channel (resistance) resulting in a very nice pop out of the range, probably good till MOC. Long from 1302 here and holding. Stop 1299, 1 point below new support level.

out 1306.00, too near to the next resistance level

 

[4re]

Quote from 4re:

I am only looking for a quick scalp here. Maybe 1.25 or 1.5 myself.

Never mind, I am out with 1.25 on this one. I was going to possibly change it to 1.5 but it jumped up and through before I had a chance to do anything. So to sum up today I had one trade for 1.75 points and one for 1.25 points. I can be happy with that.

 

[4re]

Quote from romik:

out 1306.00, too near to the next resistance level

Good things are worth waiting for. Good trade, Bro...

 

[romik]

Quote from 4re:

Good things are worth waiting for. Good trade, Bro...

Thank you Gary. As you know I decided to stay in this trade and I think we should maybe discuss why it is important, at certain times, to extend our usual profit targets.

 

[belavia]

Nice trades guys. Romik, i see you were long 1302 on. Were you not afraid of the resistance at 1304.

 

[4re]

Quote from belavia:

Nice trades guys. Romik, i see you were long 1302 on. Were you not afraid of the resistance at 1304.

This is a very good question for Romik. Since I already know as I was back and forth emailing to him, I already know the answer.

 

[romik]

Quote from belavia:

Nice trades guys. Romik, i see you were long 1302 on. Were you not afraid of the resistance at 1304.

It's about favouring the odds Belavia. Any other day I would have settled for 2 points, but today's price action has been very different to the previous 5. Just look at the previously posted chart and pay attention to the 2 yellow lines. Price has been hitting upper line and pulling back. That small break of upper yellow line was triggered by Mr B making a speech last Friday, one has to wait for post reaction to establish true extension of range. When you do get periods of time like previous 5 days (congestion/pennant/flag) a nice move in either direction is almost certain. Gary has talked about these patterns in the past.

So by favouring the odds I meant willing to take a loss on a trade today and by doing so going for a kill.

 

[4re]

Quote from romik:

It's about favouring the odds Belavia. Any other day I would have settled for 2 points, but today's price action has been very different to the previous 5. Just look at the previously posted chart and pay attention to the 2 yellow lines. Price has been hitting upper line and pulling back. That small break of upper yellow line was triggered by Mr B making a speech last Friday, one has to wait for post reaction to establish true extension of range. When you do get periods of time like previous 5 days (congestion/pennant/flag) a nice move in either direction is almost certain. Gary has talked about these patterns in the past.

So by favouring the odds I meant willing to take a loss on a trade today and by doing so going for a kill.

That and the fact that you showed bravery in the face of boredom. You got your steak money for today. We should all be eating well tonight. I was so confidant in today that I went Saturday and bought my steak for today.