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anyone trying shorts??


Up here at 845 ES....S&P is holding back this rally today...where the HECK is my plus or (hopefully) minus 8 - 10 range? has everyone gone to 24 hour trading???
that was a big OR today...2.5 points ...bigger then...no longer term buyers showing up above last weeks highs.....as we couldn't close above there
random red ? c'mon now......r u really M martinez....LOL
quote:
Originally posted by MonkeyMeat

Joe, you said: "find it easier that outight ES, swing tading that is, because when you're wrong it usually takes longer to show in the option and they tend to slow down once they get away from the entry" ... that makes a huge difference for me too, psychologically. I'll start it as a daytrade but with a swing trade in mind.



Monkey,

In my swing trading I try to keep in mind what Linda Raschke told her Swing traders "If you are going to buy today concentrate on placing only one long at the best price you can today" How basic is that? Something that simple has really helped me in my options. What we have going on in the ES is a perfect example starting from June 01 ES tends to run up 16-20 30min bars and then pull back 20 bars, but this last time we pulled back only 10 and made a new high in only 12 bars which tells me this run may not have topped out yet even though my RSI has topped out looks to me that we will get a new closing high with a RSI divergence at which time on the day we make a new closing high I will probably get some puts at the end of that day, although we have been in a sideways range for longer than I can ever remember. But if I was just trading RSI I would have jumped on that 96.09 SPY today.....which may have been a top, time will tell, on the daily we ran out of the box and sold off to the lower 25% and if we make new lows tomorrow it will be time to buy puts in the AM instead of latter in the day.
Joe
Check with TOS but I think Linda is going to be a speaker next Wed. at 4:15 est. in
the lounge
quote:
Originally posted by CharterJoe

quote:
Originally posted by MonkeyMeat

Joe, you said: "find it easier that outight ES, swing tading that is, because when you're wrong it usually takes longer to show in the option and they tend to slow down once they get away from the entry" ... that makes a huge difference for me too, psychologically. I'll start it as a daytrade but with a swing trade in mind.



Monkey,

In my swing trading I try to keep in mind what Linda Raschke told her Swing traders "If you are going to buy today concentrate on placing only one long at the best price you can today" How basic is that?



That really makes so much sense. You've got all day to pick your spot which takes some of the edge off of being right "to the penny" on entry. Also, there's no rush to get a trade off and be in the market. Combine that with knowing if the underlying is moving in your favor, your profit rate is accelerating and if moving against you the loss amount is decelerating. Of course picking a "good" option also makes a diff. And in the end, we gotta be right about our analysis of the ES/SPY for a move.

But this is a more comfortable adjunct to complement trading the ES outright and can rack up some decent profits over time. And thanks for sharing the info about the 30min bar counts on pullbacks and rallies.

The power went out yday right when I was posting to you in the morning. Storms've been a mess in Northeast TX past couple of days. Didn't get electricity back on until near midnight ... so I haven't had much time to review charts this morning and offer any inputs as of yet. (that 96.09 SPY would have been turning out nicely!)

Btw, I did notice when looking at both 30 and 60 min charts that we have a slightly upward sloping Trend Channel during the past 8 RTH trading sessions with some consitent 20-30 point swings in the ES. And yeah, it's been a while since I've seen this type of range with this many overlapping bars on the Daily chart. We'll see how it resolves.
Just had a ah ha moment. Don't think it was random.
Triples sit at Mondays low and MP folks see the double bottom on the 30 minute chart...as long as we don't get a 30 minute close above the current 60 minute high ( a ledge there too...low volume crap) then they will try to get that low...
triples now sit upside at 910 area so no more short campaign
working the 7.50 long..
runners at b/e for a 13.75 secondary target if this can get some lift.....bonds going off soon
Just about perfect - perfectly wrong that is!