Hi Joe, Your sell target toward yesterday's close was on the mark. Here are some recent wins in one of my (C2) accounts. As I said earlier I guess I'm referred to as a "swing" trader. Been capturing gains from the 23-May-2008 "correction" or GO SHORT call. In keeping with my margin allocation schedule I have to occasionally use "stops" and such. Today in this account I am holding 2ES, 1YM and 1NQ (short) and with this upswing/destruction of my equity, I am looking to close or stop 1NQ at some upside level. Now I know that you are trading ES so I extrapolated from your daily resistance level and placed a stop if <b>1888.50</b> is taken out. Would this be a good stop for NQ today? Kapeech?
Meanwhile the "day-scalpers" are chipping away <i>focussed on that 1292.50 buy zone.</i> Can <b>anyone</b> confirm my upside (1888.50) NQ stop? Maybe it should be a bit lower or higher - but when I place it a bit above what looks to me to be resistance - every time it gets "touched" and then moves sharply away. Thanks.g BTW - 1286 held (so far)!
Sorry was out for a bit. I mentioned that today could be CHOP Was looking at 1286 this morning to avoid downside move
The last counter-trend "bounce" was roughly 31.25 handles (1304 - 1335) Same thing happened today ( 1260.68 +31.5 ) = 1292.18
yup, I mentioned the possibility of the market trading between 1293-1280 today for a consolidation day these are the day's we get chopped however I can't believe how well this market is holding up with PAULSON saying all the shit about banks failing LOL We will see and read the charts..........
Well. . . I was in a meeting and glanced at the market (remember I am a "swing" trader) and from the cursory look - we are rather quickly moving through the downside levels. Guess that economic data didn't look that hot. Let's see 1277.75 on the ES right now so we have been bearish since the break below 1283 and have a target of 1268 - with some resistance at 1273, 1269.5 and 1268. So going with our friend "the trend" it is now all about "how low can you go, how low can you go". gA :eek:
yes we are, remember this is a light week CNBC said only 50% of traders there so anything can happen!! 1277 must hold
FYI Joe, I read you DO consider volume - which was relatively HUGE yesterday. Seems there are a LOT of pure price level action guys here at ET. But do you have any insight on WHY we had so many shares traded - first day of quarter I suppose? gA aka Ps