08-25-11 03:48 PM GMT Quote from Buy1Sell2: Order changed. Entry sell stop 1164.25 If triggered, the initial protective buy stop will be 1220.00. 1 contract. --Stopped in. Lowering protective buy stop to 1191.25 --Keeping everything the same here. 6:43 CST 8/25/11
Before ES actually breaking the neckline it can turn into downside triangle which is bullish when breaking to the upside. Another scenario is that ES zoom up to 74-77 area for a huge right shoulder top. Am just daytrading the bearish bias for the day. I take it one day at a time.
24 hours chart - spike and ledge points to 67-70 for ledge top area. As long as that holds, breaking bottom support at low 50s point to 20s. That is the bearish scenario I have but I do not trade overnight ... too tiring. =)
When did you trigger your short entry?. Reversal into upper balance or later at POC?. Or averaged in?.
I was not there in the morning as I already mentioned that in my real-time chart. My usual entry was mentioned here many times - after ES re-enter the RTH range, and produce a continuation sell there. When I got the chance to stay in front of the screen, I shorted from the rejection of PP (RTH only) for a run to my target of 50 and below but 50 was not tagged.
So you use some type of short term entry (risk about 2-3 points) sometime after all the other structure falls in place?. Sounds cool. Very hard to transform a scalp entry into a swing or position trade. In fact the hardest task I have ever solved.
Yes and no average down. Just daytrade and all I want is just a piece of the actions when the market let me to. =)