Sell ES 931 Objective 780

Quote from TheBestGuruEver:

******Austin P*******

Dear ####, aka BestGuruEver,
ET has become the ultimate cesspool of failed wannabe traders and losers. It's not really possible for me to care any less about what viewers in there say = feel = do.

Congrats on your $40k recent performance. Please link me to your post in ET's P&L 2009 thread showing that blotter. It'd be my honor to gaze upon your performance there.

Best Trading Wishes
AustinP

Why self-annointed guru, you're living proof of that email reply in our prior visit. I recall you bragging about making $40k in a single session where I personally struggled. ET still waits for any kind of blotter posted by you. I don't really care about the fact that God blew breath in you to begin with. It was His decision, so apparently you serve some valid purpose to someone somewhere.
 
Quote from austinp:

If you really wanted to lay the lumber today following last night's swiss cheese rally, a much better idea was shorting in the low 950s to high 940s. Any self-annointed "guru" worth their salt would have been selling those stone-cold obvious breaks up there.

Good points.....Just a quick look at a recent chart would have you looking to sell about 945...unless you thought 931 today was the exact moment we would break this range....If you are looking for 780 maybe wait for a major break below 921
 
Thanks for your clear explanations, austinp.

What an apt description!

Quote from austinp:

That's a slang description for markets going up on thin air... no volume, overnight gaps, final minute program spikes, etc.

The overnight rally to critical resistance left holes below it akin to "swiss cheese" support. If they found a reason to keep on pushing higher, it'd be a gap & hold event. Instead, selling pressure hit those supportless holes like a knife thru "swiss cheese". Hence the straight down crush early on.
 
Quote from pcvix:

Thanks for your clear explanations, austinp.

What an apt description!

The 15min chart attached shows ES 930 to 946 ramp on Monday as the entire upward progress for two days. Tuesday was an inside session on lighter volume... no backfilled support.

Wednesday opened above the highs with yet another hole (gap) in the block of cheese. Where's the foundation support? Either comes from new buying pressure sustained off the open, or she's chopping her way down to fill those holes.

This is not a trending market, to state the obvious. Just one session after another with program-slam fits & spurts. Today it sputtered... tomorrow could be a complete opposite. The past two days left no legs to stand on, so she fell. Gravity being what it is.
 

Attachments

Quote from TheBestGuruEver:

Stop 960, Objective 780

Yes, you got that right

10 contracts

First big bet in 3 months

I know people say "manage risk". Well, I personally don't believe that. I like to put all my eggs in one basket and watch that basket very closely. The noise won't get me out.

Can I afford a 15k hit? Yes.

Someone at JPM read this post. They are going to buy 200k ES contracts just to touch 961 and screw you.
 
off topic:

I am wondering what happened to the Guru Passamonte's webpage called C**markets.com? cannot reach it.
Has he decided to cease operating it? Just wanted to have a look...
 
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