ES Journal - 2016

Long 2039 SL 2030 TP 2070

 

4 Hour continues down here. Look to sell rallies

 

i'll be looking to sell juicy fomc minute rallies tomorrow

 

Nice bounces off support last night session.

 

Watchout for stop run to the downside.. Whole week is filled with FED Goomba's.. They scare the longs out and than rally it with FED speak.. Rinse repeat..

 

If you have large enough stop, you can just go long and leave it alone till it tests upper ATR.

 

2030 is washout stop zone.

 

But your position could remain unprofitable for years.

 

If you look at price action, it's "bias" is still to upside, even though some chart technicals might have changed. The "rescue" price action is still there. And that is the most significant edge you can filter from it.

Till it changes the risks are still there for the shorts. When market is truly trending down, you will see spikes down instead of up.

 

Certainly. This would be a 401k type of strategy. We're dealing with high margin trading here though.