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ES on 3-18-11


Sometimes you get lucky. Got home from work and re-shorted the 1269 for an O/N trade, and placed order to cover @1262, which was the low during RTH. Just got back from family dinner, and lo and behold, my short was covered at 1262. Then ES shoots up to 1279+. New short placed at 1279.50. Whoever was watching that double bottom at 1262 early tonight and went long - congrats! Setting up for nice trade tomorrow.
1277.00 is the median line on the 5 min chart... but longer term i bet we see much lower today yet...
that was a beauty to watch...nice trade Kool!
Originally posted by BruceM

that was a beauty to watch...nice trade Kool!
thx but i expect lower might be in store....
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and holy s@%# t! no fill at 1277 yet!
whew!... there it is.. just filled me.. heres a look at the 13 min, again for the bands...
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and finally , the bigger picture, again mainly for the bands!
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A quick glance at all those charts shows why if there is a good decline today(expiration?) it certainly seems that 1267-68 area might be good support...
ok... now one min up proj off of that last little low of 1276.75 has its 1.618 = 1279.25..just hit and oddly ,its 2.618 at 1280.50 ...again!
Originally posted by koolblue

ok... now one min up proj off of that last little low of 1276.75 has its 1.618 = 1279.25..just hit and oddly ,its 2.618 at 1280.50 ...again!
IF were going lower you would expext the 1.618 to hold it more than the 2.618....
i JUST SOLD 1279.00 but one only this time.. dont forget the 30 min bands(and main trend are still up! and the 5 min avgs are still in bullish alignment! IF we are going higher you'll first see 80.50 then we will likely proceed to 83, 88 and finally 91.50.. So there you have it! the stage is set!....
I hope im not wasting everybodys time with all the charts and analysis. Im trying to teach something here... 2 point stop on this trade
Greetings!

Great stuff here. Keep up the good work.

My bias today was long. I made two trades. Apparently there is a "ban" on non real-time trades, so I will simply ask for comments on the next few day's direction, starting on Monday 21 Mar.

My thoughts were we were going to at least hit 1292 today before heading back down. Generally speaking I only trade 1 - 2 times a day and place a single order that upon execution, triggers an OCO. After my first successful trade for the day, I entered my second trade at roughly 0905 hrs EST with a buy at 1283.50. My profit target was 1288.00. Obviously that did not hit as the high on the 0925 hrs bar is 1287.25.

The above is one of the disadvantages of not watching the ES tick by tick (I gave that up after several years of futures trading). My current method is more like fishing and no trades or a trade every other day is fine by me. I adopted this method from my success with swing trading stocks and I'm surprised at how well it works.

So, my post is a small introduction as well as a desire to solicit members thoughts on direction for the next week. I'll throw my hat in and say we'll visit 1300 before re-visiting the lows established this week.