ES Journal - 2019/2020

Laissez Faire · Oct 20, 2020

I'm long again from 33. If stopped, I'm a strong buyer below yesterday's LOD. Off to do something else now.

Good luck all!

Gaslight Capital · Oct 20, 2020

SammyJ said:
For a trader being right on the direction by day end is meaningless. Traders could care less were the mkt goes by day end they just want to take there 5-15 pts.
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You realize you are speaking for yourself and you are not speaking for all traders, right?

formikatrading · Oct 20, 2020

Depends on the trader, time frame and strategy.

SammyJ said:
Traders could care less were the mkt goes by day end they just want to take there 5-15 pts.
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formikatrading · Oct 20, 2020

So S&P needs to reclaim that 3450 area if it's going to get anywhere. I should add that the 3400 level also could be a magnet area that needs to get re-tested.

QTrader20 · Oct 20, 2020

Laissez Faire said:
Not really. It depends on the strategy.

As for today - I've said I don't have a strong opinion. This is particularly true for the ETH session where I don't feel I have an edge unless it aligns with what I can see happen in RTH. My predictions are always for the RTH session.

But I know there's a big probability we'll close in the green today, so I'll be going long on dips trying to enter a swing position for a leg higher.

For disclosure, though: I believe I've said I don't trade my predictions mechanically and that my main trading strategy is more short term. My goal for this trade was to set up a swing trade, though. At the same time, I didn't want to give away all my profits on a dip lower. If it was a short-term trade I'd take my profits at 50 and re-enter there or at lower prices.

To show you with an example, then. If you knew with a high degree of conviction where the market will close today - you can short pops above that or buy dips below that. So, to say it's meaningless is simply not true.
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5 consecutive daily red bars on SPY chart and plus candlestick is close to major support areas. The odds of a winning trade on the long side is much better than on the short side today. You made a smart move

formikatrading · Oct 20, 2020

I don't know where this QTrader guy has been but I like him! I like the folks who trade based on what they see and not what they think and feel.

QTrader20 said:
5 consecutive daily red bars on SPY chart and plus candlestick is close to major support areas. The odds of a winning trade on the long side is much better than on the short side today. You made a smart move

View attachment 241924
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QTrader20 · Oct 20, 2020

Kindly reminder to all day traders for the rest of today's events with an emphasis on Pelosi's speech.

10:50 --- Fed's Quarles Speaks
12:30 --- Pelosi speaks on BBG
13:00 --- Fed's Evans Speaks
15:00 -- Fed's Brainard Speaks

formikatrading · Oct 20, 2020

Logical initial resistance here. Let's see what happens.

trdes · Oct 20, 2020

11658.50-11668.50 is an untested area below us and also an accumulation zone. So if market breaks down would expect this area, this is also where I will look for a long.

trdes · Oct 20, 2020

trdes said:
11658.50-11668.50 is an untested area below us and also an accumulation zone. So if market breaks down would expect this area, this is also where I will look for a long.
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Wow, missed it by 2.25 point. Was going to flip long. Flat now missed the long, it's rare it doesn't go at least to the top of the zone. So, have to wait for next trade now.