S/R Emini Journal

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It will be interesting to watch price action after 11EST, as the pennant keeps extending itself to the upside at the moment, but keeps bouncing of the lower support line., just like yesterday, until it popped @ 11.30
 
Quote from romik:

As Gary has beaten me to the answer to your question, I'll submit my "hindsight" analyses for yesterday, I did not trade that. I went for a weak WRB (wouldn't even call it a WRB, though considering yesterday's range it was enormous bar :)). So that just proves a point that none of us are perfect here and mistakes, errors of judgement, have been and will be made, that's what we have tight stops for. Mind you I was simply punished by locals keeping ES on a tight leash all day yesterday, I'll post a range chart next, it looks like a fence to me, pretty rare occurrence IMO.

***This is for novice traders' attention***

Being patient in daytrdaing is very important. Don't forget, we are sitting at our desks and don't have the luxury of a trader sitting his ass at the exchange.

On the attached chart one will see 2 lines defining the upper and lower ranges for ES from 8.30am-11.30am EST. I think yesterday around 11.25 or so I asked Belavia, which way will the price pop any time soon and she replied - UP. How did she know that? Did she assume that? Would that have been the same as for me to assume now that Belavia is a female, based on my perception of her nick?

I could not trade that pop as I was stuck in 2 groups of trades and I had to stick them out, otherwise why make the rules in the 1st place?

But it sure did look a cute set-up. That being near the 11-12 slot, which is ideal for making an entry, as the morning trading range has been established, especially if it has been tightened, price should start breaking out of the limited range to EITHER upside or downside. And that's what pretty much happened.

Belavia wasn't right and I wasn't right about the direction of price. Difference being is that she would have lost money on the trade and I could have had a chance to take the short trade, as previous day's high was being a pain in the ass for the longs and the previous triangle (yellow) was already broken to the downside.
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Thanks for the explanation Romik. You are wrong though about me being a female. I am simply from the country of Belarus, in Canada to study at University.:p
 
Quote from romik:

have a look on daily Gary, I think you mentioned 1340, based on what?
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Based on this chart and flag pattern. Also if price breaks 1314 next resistance based on the dailies is 1340 or there about anyway.
 

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Quote from volente_00:

10:30 reversal anyone ?
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Hell it has been doing nothing but reversing the last 2 weeks. So I guess it will reverse again at 10:30
 
Looks like the first attempt at 11418 on the YM was rejected pretty quickly by the sellers this morning, that's twice so far in two days. We might just have to wait until the jobs report tomorrow for an hour or two of action.
 
Quote from romik:

have a look on daily Gary, I think you mentioned 1340, based on what?
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Hey Dude,
What did you think of my reasoning. As I have said many times market calling is not my specialty AT ALL.
 
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