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ES 8-21-08


That is no bull 4th wave. I think it's the 5th wave of the bear hell-bent on reaching 54, and winning it. The bull baseline is toast, but they began to form another. I want to see the action at 68 before I make a decision. If 68 is lost there's nothing in the way of bears. In fact I do believe this 5th wave is trying to throw-over 57, its own channel. If so a measured .618 correction of the entire run to 1243 seems likely. Which at the end of it will either be the beginning of a bonifide bull 3rd impulse to correct 1441 or the continuation of the bear market.

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I think if buyers don't show up and hold the 66 - 67 area then they are gonna go try for the 57 -58....bore-a-Thon today!!
short at 1270.50, covered 1270.75
cold feet
just got back- hope somebody got to take that short scalp at 1276 i was talking about
i would cover here tho,
The illiquidity presently makes ES too unstable to trade, short or long. This isn't smart money. I scalped here and there and I sold 66 just recently at 72.25, but I'm out and flat here.
don't like the shorts up here today..all markets above high volume bars....no trade under first minute lows today so that is first sign for me that two sided traded is not happening as much as it should.....trying to fiqure out when they will get 82 area
scalping long at 1271.00 if we carry
SPQR,

I make as many points on days like this and the last 2 as I do on strong trending days, my style is in and out maybe you could teach me some of the things you do on trend days, and I'll teach you how to anticipate days like these and trend days. I have a hard time switching from short term sideways day trades to longer term holds that are needed in trending days, I even perdict a trending day's and still can't hold....
changing long to 1270.50 (order cancelled at 2:40)
CharterJoe, could you teach the whole clas about how to anticipate days like these? :)
Thanks RED..you are on top of it........we have some single near 90 too....93.75 is last months high so that is a good zone up top,,,,,
quote:
Originally posted by redsixspeed

quote:
Originally posted by BruceM

don't like the shorts up here today..all markets above high volume bars....no trade under first minute lows today so that is first sign for me that two sided traded is not happening as much as it should.....trying to fiqure out when they will get 82 area



Bruce; We have an untested value area above us @ 80.25 to 1302.75
& naked POC @ 1293.25 correct
or am I behind the
?