S/R Emini Journal

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Quote from CaptainObvious:

Gary,
I'm kinda' with ya' on the short positions. There is a certain amout of subjectivity in picking these S/R levels, at least in my opinion. I guess that's the nature of the beast and why some will win and some will lose. Lets hope for strong enough moves so we all can make some money.
I'm happy to hear about your business venture going so well. Good luck with that.
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CO,
Thank you I still have a lot to do just to get to the buyout level at this point but it does look very good right now.

I do agree with your chart as well. The main reason I went with my short level was that it does fit the criterea of 2 points. Besides I have to get through it to get down to the good level. So hopfully it won't be choppy all the way down.

Good trading to you tomorrow.

Oh I forgot. Tomorrow is my clinic day so I will have to leave by 9:30 CST in the morning.
 
i think 1346 look like a good short for a 2 point scalp
The market has been up 2 days contunously we might see some pullback before we go higher
right now i am short 1 car at 1345.75 it,s 9.55
This journal is Fanstatic
 
I don't know where the markets are going and don't particularly care.

Here are a couple of observations:

1) Look at each pull-back since this rally started in July.
Notice anything?
Once the previous highs were exceeded from the pull-back, the market didn't make a short term top for a few days.

2) Large hedge funds tend to add on to positions when markets are making new highs/lows ala "Turtle" type strategies. They don't pick tops or bottoms, they ADD to positions.

3) This is the last week of a quarter. A lot of hedge funds get 20% of any new equity high marked at the end of each quarter.
If the elephants can push this up a few per cent over the next three days, they'll do it.

4) Don't stand in the way of elephants

Again, I don't know where the market is going and will just trade the market the same way I do everyday, but I will keep the above in the back of my mind.
 
Quote from DonKee:

I don't know where the markets are going and don't particularly care.

Here are a couple of observations:

1) Look at each pull-back since this rally started in July.
Notice anything?
Once the previous highs were exceeded from the pull-back, the market didn't make a short term top for a few days.

2) Large hedge funds tend to add on to positions when markets are making new highs/lows ala "Turtle" type strategies. They don't pick tops or bottoms, they ADD to positions.

3) This is the last week of a quarter. A lot of hedge funds get 20% of any new equity high marked at the end of each quarter.
If the elephants can push this up a few per cent over the next three days, they'll do it.

4) Don't stand in the way of elephants

Again, I don't know where the market is going and will just trade the market the same way I do everyday, but I will keep the above in the back of my mind.
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Good advice and we will do the same. Who cares where it goes just give me my 2 points a day and I'll be happy.
 
Jusr to let you guys know I will not be able to trade at all today. I have to cut out this morning and will be gone all day. I will try to check in here if I get a chance. Ya'll have a good trading day.

Gary
 
Don't forget your "strap-on" laptop! :D


All my overnight held positions from yesterday are now covered at 1344.00. (thanks durable goods report!) :)
 
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