If I understand what wave is seeing in that number (it is price).. he has probably revised his target to 1210.
i.c. fed people, How are you doing, man? Still holding your position or you bailed out? I hope you're doing ok, but see, this is why averaging down is a risky game best left to professionals who always have a B plan. We're down about 24 points under your 1217 average of two units; that is 2 x 24 x 50 USD = 2,400 in the red. If you had been trading 2 (1+1) e-minis with 12,000 USD, that would mean that last night you would have got a margin call when we touched 1194. If you had averaged down a third unit - say at 1199 with an average of 1211, you would need 16,500 USD in your account just to avoid a margin call and would be 3,000 USD in the red. I understand you're trading a much smaller size, if so, good for you, consider this a very valuable lesson that you're learning the kind-of-hard way, but at a very cheap price. Oh, and this is a very, very, VERY mild correction. Note: not putting down all averaging-down systems/styles, just saying that you always need a B plan / hard stop.
Hey dude! Im doing OK. Im not trading full contracts! lol. Im only 18 and im quite new. Like I said, i've just opened up a little account with IG index. Im only trading at £1 per pip. So a move from ES 1121 to 1122 is worth £10. Im still long from 1211 (2 positions) which is costing me £340 or so I think, although a certain poster has provided me with some calls today that have made me nearly £200, so im only down about £140 which I can get back with a small bounce. My account is a few thousand so im not concerned at the moment. Im sure it cant drop much more before the 'powers that be' step in and rally the market! I'll let you know if i get wiped out though!
1208 --> 1197 1197 --> 1202 1202 --> 1191-2 1191 --> 1196 1196 holds --> 1186-7 in the cards? --- Glad you're doing ok ICFP, "Icy" for your friends?
Ok, it is very interesting that until now I never saw intelligent discussion about averaging down/up in ES. Rule: Never average down at top of channel (overbought), and never average up at bottom of channel (oversold conditions). This mistake made our young friend. Howewer, if I look at channel form this is bull flag, and it does not feel like trend change, just like minor correction. I will buy this dip. Question is just when. It looks so me probably that on Monday will start little panic and we will go bellow todays low.