ES 11-14-08

15m: 935, 945 and 866.50, 836.50

will be away most the day

quote:

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Originally posted by koolblue

908.75 is my price proj,and max up from the 15 min chart is 913.75

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Kool - If your projection was 913 why did you get out of the long trade ?

thanks.

covered one 913.00, stopped on the other at 917.50.. whew! moving too fast!

covering here from a chase at 913.00

out 910.50, plus 2.5.. finishing the day up 10 and consider myself lucky at that!

We had singles 914-917 that filled and +50% IB extension of 917.25 on top of 916 sq 9. If legs come back, +100% IB is 928.5 and singles 928.25-930.0 plus 931 sq 9

wow, my downside objective was 910 from the one min chart and of course we far exceeded that so i have no idea where we go next! 5 min avg is 901.50, but 5 min proj is 891.25,(unless 918 is touched again) neither of which i trust .. so ill sit the rest of the day out! Have a good weekend all!

5 min chart is now on a sell and the 5min boll avg is 901 and 1 min avg is 903 so i guess thats where were heading.

GREAT question ,WS, i got out with a 4 handle gain instead of waiting for 913 because of my philosophy of trading ... i would rather take a 4 handle sure thing than a 13 handle possible win, even if its reasonably likely . Mainly to gain that much i would have to suffer thru at least one or more 4or 5 handle pullbacks and that just drives me nuts! Thats why i decided long ago to become a shortterm scalper instead of a 'trader' or long term scalper like i would describe those plays. ANd its a philosophy that suits me well... look at today, im up 10 handles and frakly my trading was not at its best.

Usually when i enter a trade i automatically assume im wrong. so i look to see whats the bare minimum it should go ,even if im wrong! (like 1 min avg ,etc)..and thats where i usually jump

ASSUME I WENT SHORT A FEW MIN. AGO, SAY 913 OR SO, I HAVE A PROJ TO 891 WASNT IT? BUT I ASSUME ITLL REVERSE AND GO ABOVE 918 INVALIDATING IT . SAY WERE NOW AROUND 910 OR SO I SEE THAT THE 5 MIN BOLL AVG IS 903 AND THE 1 MIN AVG IS 905 SO I WOULD LIKELY COVER AT 906 FOR A NICE GAIN INSTEAD OF SWEATING IT OUT TO 891 ,IF THAT HAPPENS AT ALL! AND BESIDES ,I CAN ALWAYS RE SHORT IF I BECOME CONVINCED THATS WHAT WILL HAPPEN... hope that answers your question, WS!

quote:

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Originally posted by redsixspeed

Click image for original size

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My thought process with this chart was with a break
@ 868.00 we might go to the 829.00 area. That was hit
this morning @ 6:40est