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ES short term trading 5-07-10


Once again a historic day. (the secular bear that started in 2000 has seen many of them!).Unlike 87,(i was trading!), unlike 98, unlike all the history made last year in a historic bear market, this crash was simply stunning. The dow plunged 1000 points not in time measured in 2 days or even all day, but in MINUTES! Welcome to the new dayz of algorithm driven robot trading! TRULY AMAZING . I didnt have many comment or posts during most of it because my charts were messing up (so i thought) and ive been around enough to know when Not to trade. I thought that was pretty much common sense, but apparently some chose otherwise. Foolish! I saw movements measured not in 1 or 2 handle increments like the 87 crash, but moves that looked like 7 or 8 handles at a time.I read one analyst who said they were closer to 20.Anyway, to the future. Like with any major earthquake, there is always the chance of small aftershocks, so please if you decide to dip your toe in the water, exercise due caution and USE PROTECTIVE STOPS!....Trust me, new highs (thats right i said new rally highs are ahead). The world isnt ending quite yet! lol
plan was followed to the letter
long 1119.25 for the gap fill play
gap filled, stop to b/e
crap, forgot to move my target, I'm out already at 1127.
+7.75pts.
probably done for the day now...
Originally posted by phileo

long 1119.25 for the gap fill play

Could you please let us know what triggered your entry
Great job pal!
Very hard for me to trade this cause my 3 pt stop is a joke in this market.
Yeahr Rburns im considering a 4 point stop. Btw, for the record i did buy one at 1121.75 and stopped at 1118.75 for a loss of 3 handles on that trade....
but its early!
Hey I see a long @ 1107.25-1107.50
I would try this one with 7 contrats to see how it goes.
thanks for the chart..have a great weekend