insyte journal may2011

holding es short from 1343.50 for overnight trade. S/L at 1349.50. Target 1338.50. one contract.
taking profit @1338, if and when
i am wary of going long this market. the whip saw action over the past one week is an indication of market in transition. technically the market is ripe for a pull down to the 50dma @ 1318. Below that is support at 1295-1300. resisnace @ 20dma@1338.
So anticipated range this week: 1300-1340.
today, i am a buyer at 1325 and a seller @1338. Tgt 4 points. S/L 4 points.
short @1338 now. s/l 1342. tgt 1334.
wih usd trading down solidly, market has a feel of bid under it all morning. taken +2 @1336 on half position. moving s/l down to 1340 on other half.
out the rest at 1333 for +5. out for the day.
o/n: buying at 1318 with a 5 pt. s/l at 1313.
On the 1318......
I think the base numbers are applicable as well.

I took an NQ trade AH at 2327...(2334-7)...7 is the base stretch.
and will be looking to see if it does the 3X7=21 or 2347....
I' like to see NQ work as well.

I think ES AH low was around the base number as well.
shorting @ 1333 with a 5pt. S/L.
getting close to 1318. if triggered, taking half lot profit @1320 and moving s/l from 1313 to 1317.
or by at 1344.5 to tgt 1347.5