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ES Wednesday 4-8-15


Bands for the day. Good luck to all.

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iv040815
+5 same as yesterday
Mike, what size stop do you use?

Originally posted by Big Mike

+5 same as yesterday
1.5 stop..
I don't understand what this means
+5 same as yesterday...

does that mean that you sold +5 above the open Open of RTH = 2070.50)??
missed +10 by a tick
Yup and when it didn't make new lows on the 5M, I continued long as it made new highs. +/-5 is an inflection point. Usually will give a 1 point fade scalp, then reading price action guides me after that.
Originally posted by PAUL9

I don't understand what this means
+5 same as yesterday...

does that mean that you sold +5 above the open Open of RTH = 2070.50)??
Mike, so you went short at the +5 and when the 5-min bar did not create a new low, you went long?
I can't stick around, I still have to do taxes today but I want to try to understand this +/- 5 pt stuff.

Big Mike, Are you saying that you simply sold when the open plus 5 pts was printed (2075.50), but then with a stop of 1.5 points, you reversed position from short to long with a print of 2077.00, for an attempt for a move to open +10? (open + 10 = 2080.50)
I setup to short @ 75.5, came within 1 tick of stop out. Got my 1 point scalp short. (that's it for that trade) Then I saw there was no lower low being made and calculated there is more upside in this move and got stopped in @ 77.0. No particular target in mind but typically 1.5-2.0 points.
Originally posted by PAUL9

I can't stick around, I still have to do taxes today but I want to try to understand this +/- 5 pt stuff.

Big Mike, Are you saying that you simply sold when the open plus 5 pts was printed (2075.50), but then with a stop of 1.5 points, you reversed position from short to long with a print of 2077.00, for an attempt for a move to open +10? (open + 10 = 2080.50)

The entry bar did not make a lower, did not expect it to either. The next bar did not make a lower low before making a higher high so I was on it. Had that bar made a lower low, I would not have then gone long. it may have gone long anyway but I can't read it that way.
Originally posted by NewKid

Mike, so you went short at the +5 and when the 5-min bar did not create a new low, you went long?
no need to apologize. its all good. so how did you trade this information?

Originally posted by zodei1

As long as 2.081,75 - 2.083 held , ES is shorttime bearish/short.There was and is no follow through after we saw big gain with low volume on monday .Down there is the FRIDAY "hole" @ 2039,75 - 2.043,25 , april is the best month of the year for bulls so....sory for my broken english