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ES 11-20-09

AHH, options expiration day. Nonsensable early , boring all day, nosensable finish. FWIW I have a daily low today but because of o.e. day i would'nt put too much credence into it. First lets review. I said last week, the correction needed more time , even if not more price! Kool one ,market 0. I thought we'd see a high Mon due to the moon and Bradley date. Kool 2 market 0. I thought Tues would be a strong up day! It crept sideways to lower. Kool 2 market 1. i thought yesterday we'd see 1095 before 1085. Kool 3 market 1. Now i'm saying that although this downside could potentially last into late next week, fear not bulls ,your day will come again. Today im watching the 1098, and 1101 areas on the upside , and 1088 area, 1084-1085 area , 1078 zone and 1074.50. oh yeah, 3 to 1... i win! LOL

oops just posted a trade ,but on the wrong thread...see yesterdays tread. long from 1087.50 covered at 2.25 up 5.25. It'll be a good day if i dont get too crazy!

selling this 92 and change

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...Just filled! 1092.50
ok, took one off at 1091.00 to reduce risk ..trying for 89-89.50 on the other half
sold 92 and covered at 91. should have held for 2 handles.
Yup. Good entry tho!..out the other half early of course at 3 there.. up 9.75 now
Click image for original size
Studying the charts..back soon.
Kool, when one enters once a resistance point (eg 261) is reached, how do you decide on an exit since there are no candles formed yet to do a projection? Do u usually exit with 1-1.5 handles in that case? Great trade btw.

I WAIT FOR A PROJECTION!. Usually i stay on the one min chart and even a one bar move will give a projection. In that case ,i honestly put in my first exit at 1.75 handles ,but after 4 min (refer to the chart above) i had projections to 1088.75 minimum and probably 1086.25-50. my exits are usually very early to insure profit and be safe.
Click image for original size

have a great weekend Kool.
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