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ES Short Term Trading 6-18-10


giant 12 point consolidation....1113 - 1101 ..key between at 1106.50...other is 1117 - 1118.75 and 1125..selling rallies today
note to newbies... see how knowing the future does not always directly translate into profits? i got one ticked.. still need to use stops, good money management and good old common sense!.... order pulled.. watching... sigh...
that double top troubles me for some reason today on the 30 minute....certainly can't rule out a retest of that as it doesn't show sellers in a rush to get short....just too casual of a high.....no good market read in here for me....and I have no good long signals to go get that high
See how its being held at the red avg (15 ema) so far? (1113.62) ... that will be the clue to whether its starting a recovery or starting a downtrend,imho
great point Kool...so many days we can have great ideas and targtets, direction etc but no logical way to get there without undo risk..
Originally posted by koolblue

note to newbies... see how knowing the future does not always directly translate into profits? i got one ticked.. still need to use stops, good money management and good old common sense!.... order pulled.. watching... sigh...

well there she goes.. that one tick is beginning to hurt....
Yeah, Bruce... deep inside i thought a bounce was coming and should have quickly adjusted to go long at 1112.00 or 1112.25 (prc buy ,remember?) that was the 'good old common sense i alluded to.. also as far as money manage ment on my short from 1116.00, i covered half at 1114.75 because that enabled me to continue with my short on the other half with some profit to protect against the possibility that it really did want to go to 1117.50 before tanking...
the only thing i think i could have done a little better would have been keep one es for a runner to the 1111.50 area instead of exiting both at 1113.75, but as i said im still in the process of trying to make that 'size' adjustment and lets face it, hindsight is always best!..lol
hey guys.. good insights today. I only made two trades but feel im on time constraint so i'm done...

but what is the PRC? i tried searching and couldn't find anything about it...


also bruce when you say your surfing.. you mean in the ocean with a surfboard?
prc is simply a linear regression tool with upper and lower boundries given to me by my old buddy Vowater.. i find it useful, but like most indicators not an end all.. and Bruce watch out for sharks!
hey bruce you got trips now @ 114.25...!
That was also the globex low at 6:00am i think, a natural 'magnet'. i thought we might see boring mish mash today, ending up sideways... and the june es finished unchanged!..Look for downside action next week,imho! c ya!