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S/R Emini Journal
- Thread starter 4re
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Quote from romik:
You are not necessarily missing anything, this is a system call for me, on a day like this, hardly any range, I might end up with the worst result intraday, since I started trading. And I have resistance at just below 1310.
I thought there was a good channel going last 2 hours, but literally a few minutes ago the price viciously broke down.
Since I'm not doing anything, like trading, today. Since there isn't anything worth trading on the ES, imho. I've been looking at the longer term perspective.
If you look at the hrly. ES (attached) you can see that since the beginning of the month we've had two trading ranges. One roughly between 1265. - 1287 and then jumping up to the roughly 1293. - 1307.
This to me is a nice long consolidation and basing period which should lead to the next higher trading range which may (hopefully) bring us to the 1237 range.
I don't think we'll see this until everyone is back from vacation.
I'd be interested in any comments.
If you look at the hrly. ES (attached) you can see that since the beginning of the month we've had two trading ranges. One roughly between 1265. - 1287 and then jumping up to the roughly 1293. - 1307.
This to me is a nice long consolidation and basing period which should lead to the next higher trading range which may (hopefully) bring us to the 1237 range.
I don't think we'll see this until everyone is back from vacation.
I'd be interested in any comments.
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Quote from belavia:
I thought there was a good channel going last 2 hours, but literally a few minutes ago the price viciously broke down.
on days of low volume, locals can and will do anything in their power to create a dis balance, as they know that there is no strong opposition on that day. I would say today is a pretty typical example of such a day. This is looking grim for me today. The only thing that keeps me optimistic at times like this is the unlikelihood of such range-less days during the rest of the year. I will have to trade it back, if stopped now. It is an unfortunate outcome, but there are no guarantees of permanent success in this business.
Quote from romik:
on days of low volume, locals can and will do anything in their power to create a dis balance, as they know that there is no strong opposition on that day. I would say today is a pretty typical example of such a day. This is looking grim for me today. The only thing that keeps me optimistic at times like this is the unlikelihood of such range-less days during the rest of the year. I will have to trade it back, if stopped now. It is an unfortunate outcome, but there are no guarantees of permanent success in this business.
Sorry to hear you had a bad day. From what Ive observed on this board, it is definatly a rare day.
Quote from belavia:
Sorry to hear you had a bad day. From what Ive observed on this board, it is definatly a rare day.
that was lucky, while I was replying to you, price went passed my stop level and saved by 1304.50 support of the channel. Might still end up negative, but that was a close call, WOW!
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