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ES Wednesday 3-4-2015


Bands for the day. Good luck to all.

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iv030415
first target is only OR low
took loser at 95.25 and trying again from 93.50....
target is now YD low
adding at 91.50 and targeting 93.50...this is my zone mentioned in first post
blowing through an official POC is always a no-no to me......so working the 91 area harder to try and get back to 93.50.....last add point is 89.25 right now....need to get back to 91.50 and 93.50 to make good on this
this is what pure panic looks like i suppose. and i am in the middle of it. tough opening so far. brutal
revising that upper target to 93 even ...so will lose a little there...smoking me good today so far...woukld have been much better today to take the small losses and try again....but I'm a bit off this morning..
i need bigger hands or a smaller knife...any suggestions :-)
the problem for me here is I really don't have anything else to lean on....next real line down is way down at 85 area and will not hold liosses to that..
join the club. still bleeding here

Originally posted by pants

i need bigger hands or a smaller knife...any suggestions :-)

that is precisely what i am trying to do as well... be a momentum trader when the opportunity presents itself and the rest of the time be a fader..... good trading Big Mike.

Originally posted by Big Mike

Just to add more grist to the mill. Today is the type of day that made me change from a fader to a momentum trader. I try to let the market tell me a story (price action).

Earlier I mentioned the EURO IB low as critical. it was critical because once it was broken to the downside, there was very little push to go above it, price just consolidated sideways around and below the Euro low.

This had me leaning short all the way. When the little burp on the opening didn't hold it was time to hop on short. Targets- Y low and beyond on runners.

Different perspective.

Good luck to all.