Alright I'm back. School stuff is ramping up, but man yesterday I was in the bookstore, the female talent is crazy. I was dumbfounded, half of the girls I saw made my girl look average. I guess that's what happens when you spend a summer falling in love, you start to like here inner beauty, but then once you get back to school all you see is ass and titties. Wow. Anyhow, I digress from bra sizes to lot sizes. I see that ES bounced right off of August 19th support!!! If she comes back down to 991.50 for a double bounce or break, I would want to put on a straddle. Long 992.50, short 990. I think this type of approach has some merit on those pure breakout days -well, no duh, I'm just trying to play both sides in anticipation of the breakout - problem is when the market does one of those lower low or higher high touches and then reverses, which I hate. As an example of that, look at August 28th at 12:20, ES hits low of 1022.75. Huge volume around that support area, so i tried to do a bracket straddle play, I believe on the long side it was long @ 1024.50 and short @1022.50. Well, it touched 1022.50 and got me short, but that actually was the support level and bounced higher from there. I stopped out of the short at 1024.00. Good 6+ point move higher after that. I posted it in the ES Journal. Improvements on that could be using a larger time frame, say the 5min, as a lot of those higher high resistance/lower low support areas are touched within a couple minutes, so I would have a clearer view of the action (in the 5min, you don't see that preliminary bounce off 1022.75 at 12:20, you just see the 1022.50 bounce). Surely there are other alternatives, gotta keep researching. Anyhow, so yeah on the short side 991.50 bracket play for a breakout if she comes down to retest it. Haven't evaluated long side yet. Only thing is I'm going to the gym and gotta do some other stuff today, so probably won't be around for the action. I haven't figured out how to properly do Limit if Touched orders and how to execute the stops around them correctly. And shit, with real money on the line, I wouldn't be likely to trust my orders to run themselves. I'd prefer to sit there and enter them and blame myself if I was wrong on the trade, rather than blame TWS for my erroneous trading, lol. Later.
Howdy! I see another bounce off of 991.xx!! The bracket play would have worked long @ 992.50, she didn't give any heat to the downside after 10:24. Tho, in retrospect 992.50 seems a little tight, maybe getting in higher would have been safer, maybe 993.00/.50. She gave at least 3 points before showing hesitation. Wasn't here to play though, maybe Friday I will be to straddle around unemployment numbers. On the longside,I don't really see anything favorable to me until she gets to around 1005.25 and use that as the pivot.North of 1005.25 hopefully she'll give a good move to retrace some of that pullback from Tuesday. On the short side, same play at 991.xx. Where she leads upto unemployment data could change that. Later.
Wow that was fast. I bracketed short 1003, long 1008.75. Hit me short 1003, got to 1000.xx's but she wouldn't break so I barely got out at 1001.75. Profit nonetheless. Still watching her for another go.
Well, with such a wide range off the non farm payrolls, don't think I'll see anything I'd like to play. Have a good weekend
I'm still alive, haven't put any trades recently, been reading/watching charts today. School sucks. Probably will trade tomorrow, watch for an update
Well, now EUR has started to move higher out of the wedge and I didn't have my bracket in place. So, hoping she comes back into the wedge from 1.4589 (10:05 bar), otherwise my play will change.