S/R Emini Journal

romik · Jul 7, 2006

Quote from K-Rock:

IMHO price is just retracing until it takes out 1290 (to the upside).

Price needs to clear 1277 to go lower, then 1274, then free fall.

I do not agree on free fall, because I am long here

JimmyJam · Jul 7, 2006

Quote from romik:

I do not agree on free fall, because I am long here

Best of luck, bro.

Re-SHORT at 1278.00

Later,

Jimmy

erierambler · Jul 7, 2006

JJ,

Were you looking at yesterday's chart for resistance at 1282?

erie

K-Rock · Jul 7, 2006

Quote from romik:

I do not agree on free fall, because I am long here

I'm already done for today; so, hopefully it goes down just enough so JJ gets his points then reverse to the upside.

4re · Jul 7, 2006

Quote from JimmyJam:

So now it's breached and we're probably looking at upside action.

If a trade sets-up this afternoon I'll take it, otherwise I'll take my -2 pts and call it a day.

They're complaining about the PPT (Plunge Prevention Taskforce) over at mymini's journal, but hey, I just let each trade play itself out.

While the market action over the past several days is definitely unusual it isn't really abnormal, you just have to trade your system, and trust it to take you to profitability.

Later,

JJ

I saw that just now but PPT can't hide the footprints on your charts. IE: Chartpatterns

4re

romik · Jul 7, 2006

Quote from JimmyJam:

So now it's breached and we're probably looking at upside action.

If a trade sets-up this afternoon I'll take it, otherwise I'll take my -2 pts and call it a day.

They're complaining about the PPT (Plunge Prevention Taskforce) over at mymini's journal, but hey, I just let each trade play itself out.

While the market action over the past several days is definitely unusual it isn't really abnormal, you just have to trade your system, and trust it to take you to profitability.

Later,

JJ

Hi JJ, what "unusual market action" do you refer to? I do not see it, maybe you can point out what you are seeing.

It was all bull-action for the last 3 weeks. I know divergences are not part of your methodology, but that move was clearly seen in the technicals. From my point of view, I am not too surprised that there hasn't been a so much anticipated pullback to perhaps 200MA in the S&P, as, sorry to repeat myself, after a WRB like we had recently there is a med/high probability of a pullback not happening at all, until the time the higher resistance level is reached, which would be 1290 in the cash index.

bgp · Jul 7, 2006

jj, if you held your short good trade.

bgp

JimmyJam · Jul 7, 2006

Quote from bgp:

jj, if you held your short good trade.

bgp

I always hold my trades unless I have a good reason not too

.

Although to tell you the truth, I was up very late last night, so I couldn't help but take a nap (I figured "what the heck, if my stop gets hit, I'm protected"), so imagine how I felt waking up to this

.

I stretched my target on this one, now up 2.00 pts ES and done for the day (although it is late and I don't think it'll turn-around, why tempt the fates).

Later,

James

JimmyJam · Jul 7, 2006

Quote from romik:

Hi JJ, what "unusual market action" do you refer to? I do not see it, maybe you can point out what you are seeing.

You know Romik, from a technical point of view you are correct, but I just like big strong trendy days where it's really easy to make some MONY!

- my assessement was almost entirely subjective based on my own wants and needs (heh).

P.S. I think I closed my trade too early and I bet this thing drops like a rock ... but thats alright!, better the bird in the hand ...

smilingsynic · Jul 7, 2006

Quote from JimmyJam:

I always hold my trades unless I have a good reason not too .

Although to tell you the truth, I was up very late last night, so I couldn't help but take a nap (I figured "what the heck, if my stop gets hit, I'm protected"), so imagine how I felt waking up to this .

I stretched my target on this one, now up 2.00 pts ES and done for the day (although it is late and I don't think it'll turn-around, why tempt the fates).

Later,

James

Why not a trailing stop, automatically moved along with the market? Moves like this late afternoon tend to steamroll, since traders get trapped and want (need) to get out.

Good trade. A really good trade.

I did not catch this move, but dodged a bullet avoided buying what at the time appeared to be a breakout at right after 2 PM on the e-mini Russell. I did not even consider shorting, since I considered this a range day, and range days tend to gravitate back to the open.

S/R Emini Journal

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