ES Journal Archive (2006 - 2008)

out at 37.75

 

This suggests another leg up, but the momentum has clearly dropped way off so it may be time to trail stops aggressively.

 

Boxed in 1436.00-1441.50.....pick a side!

And I have 50% retrace @ 1435.25 and Pivot Point @ 1442.25!!!!

 

Stop raised to 1434.00. Unable to gauge price-action so I have a sell at 1444.00 aswell.

 

Apex: The market on August 6th went down to around 1432 then up to 1510. Did you hold your short positions all that time?

DMartin

 

I think he trades multiple accounts...short term and longer term if remember correctly.

 

Looks like a H&S on the 5m...1436 neckline

 

Wow! Quite a hold--unless he traded around it.

 

Some traders have swing trade accounts and intraday scalp accounts. So they may be short in the long term and then use the other account to go long and short on intraday swings. John Carter also discusses that in his book and I have heard other traders take that approach as well.

 

world macro markets retracing some losses. ...

unless new news comes out..the retracements to the upside should continue.