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ES on 8-13-08

ES gapped down about 6pts, looking for longs in the 1279 area....ES is getting oversold on a 30 min basis. Below 1279 is some good shorting till the 70's. Markets gapped below a 2x1 line from the low on 8/05, and well below 45 from this last top.
covered at 1285.75. looking for downside action into the 15th cyle low and more important cycle low on the 28th(plus or minus a day). Upside expected into sept 2-7.
I'm looking for a point and a half loss on this pullback. Friggn' sheep! I swear to God!
Incidently, the move off of 1200.75 projected to the 1320 area and we never quite made it. No holy grail in trading.
Again short 92.75 to 60 for the gold. I'm right, and sheep are stupid. I doubled in.
Note also that 50% retracement of 1313.50 to 1274.5 comes in at 1294
ok... sold 1293.00, holding one es overnite. stop 1297.00. Playing with the houses money so what the heck. This is not based on price projection but on my belief that the later we get into aug. the more chance for downside.
behold the power of fibonacci
stop at 1292.25. c ya tommorrow. Might be very lucky here.
That's what I'm talking about.

You know what happened? Elliotician perma-bull purists got taken out back and raped. When it switched to bear from bull at 1313.50 it became five waves bear to the three bull. Conservative short-covering was taken as an indication of the third wave from the 2nd impulse. It wont come. We're in the bear.

And BTW I made up both losses doubling in. Don't try that one at home, folks. lol

my work says first stop 1283.50. Charter joes sq root theory says 1284.00. DO i cover or go for the home run? Still going for it,at least overnite.After all its now a free trade.
I too get mauled from time to time, when I deviate from my daily plan. Then I just reduce the trading size and get on with it till I make it back.

You too will make it back - stay cool!
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