Wuh?? At the time of your post, ES was trading at 4417. 4355 is ONLY 60 points below that. Heck, ES ususlly don't even trade that much in a day. If you're so damn sure, why don't you just short now and then cover at 4355 instead? (Or simply post your trades in REAL TIME when it gets there, which I'm pretty sure you wouldn't. )
I'm not fond of this practice, and this will be the only time I do it. Set up is double top bear flag. Price wasn't able to hold the break above 4430.50 into Friday's close, and price didn't even manage to trade into that 4430.50 tonight. I could be long from higher prices tomorrow, but as of now, this is a short. Here's a partial snip from a slide in video 42B of the Brooks Trading Course about trading failed breakouts. Current ES 4 hour snippet
Not to worry. My gripe was with @Good1. He must think some of us are noobs at this game. What the hell was he thinking when he told us that he would sell short 60 points below where ES was trading? Either you get in now or you don't. Otherwise, as the convetion for posting trades around here goes, simply keep your mouth shut.
Well it depends on the time frame I have chosen. Ive chosen a time frame that would only require maintenance after hours, once a day. I can't be on here intraday. In that time frame, I would already be long. That horse has already escaped the barn. So I called the next callable price. The time frame I'm using might trade on average every three days, a pace I can probably maintain here. The time frame is meant to yield about as many trades per month as Brooks on four hours frames.
My guess is that he was looking at the long green candle on Wednesday and is looking to sell if it breaks Wednesday's low. For the Fib watchers 4440 was the 61.8% Retrace from the July 26 high to the Oct 26 low. So I can agree with you guys that want to go short with the rejection of this price level. I know it is not the reason you shorted but it does give a confirmation.
For whatever reason I would be long right now, but too late to call that. I could be short on a much shorter time frame but that's too short for what I'm trying to accomplish here. Tryin ta beat Brooks!
Well, you did clearly stated "When it gets close I'll post what the trailstop/reversal will be." So I figure if you are able to follow up and fill us in with the stop, you would surely be entering your trade at the same time. Or do you enter your stop day (or two) afterward? In any case, my overall contention is that if you want to go head to head with @Rams Fan, you might as do it in earnest and put in some effort. If this were a real contest between you and Ram, and I was a referee, I would have kicked your ass out already.
I'm starting to wonder if you are a trader! The price I called is a long way off and so, the reversal/trailstop might change between now and then. For sure I would be calling my next trail stop sometimes before the next entry/reversal, some times a little later...so long as I call it before it's hit, all is fair. I only want to check my position a couple three times a day and only want to comment here once daily, at most, after hours. This will sometimes allow me to call the stop before, when we are close, or after, but before the next stop is hit. If I can't make calls ahead of time , obviously I can't get credit for an entry/turnaround/exit. I would expect my calls to hit intraday but I might not be available to set the next stop right away. My stops will usually be hours away, even days away, from any entry. I believe the cool kids call this "swing trading".
I trade on 1 and 5 minute basis but IMO if I were to have entered a trade on 4 hour chart 4426.25 would be my line in the sand to go short, if a trigger was present as well. Stop would be approx 50-60 points away (3xATR) beyond my comfort zone and why I don't trade on this timeframe.