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ES 12-22-08


INTERESTING OPENING COMING UP!


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For new traders I recommend the equivalent of 3 full losses as your maximum draw down for a trading session. So for example, suppose your trading plan says your maximum loss for a single trade in the ES is 3 points ($150 per contract of risk per trade). Then your maximum allowed loss for a single trading day would be $450. This $450 per day circuit breaker should never exceed 10% of your trading account, and if your conservative with your money you will want this to be less than 5% of your trading account. From this you can size/fund your trading account accordingly, as well as the number of contracts you would be trading for any given account size.
I saw the buyers coming in there VO, but I missed the entry... ABC projects to 872
well I thought this might be an easy gap fill but like all day their stringing it along
im pretty sure im going to have to add @ 63ish
tyvm pt
added 1 @ 63.50 avg 65.75
should be finding a low somewhere in here around this 862 level, we need to get back above 865.50 for confirmation.
buying
Does a confluence of S2, 100% extension and 161.8% retracement at 860-ish... nevermind. we're there. That answers my question.
874.25 is the Horizontal line off the 30 minute chart.

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161.8 Projection to 874.00<br><br>30 Minute horizontal line at 874.25


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Channel & Horizontal Line at 874.25