Yeah, we'll see how it goes, the move needs follow-through to get everyone on board the cho-cho. I've got 50/50 mix on my indicators, so I'm just sitt'in, chill'in and writ'in. Later, JJ
Me to, I won't enter until my points are hit. The last time we had a fed meeting I used the same S/R numbers every day and they never were touched. But the day of the meeting I still had the short ready to go and BAM it hit and I got 9 points out of it and then reversed and got 4 more. That more than made my week. I am doing an options strangle on the Q's this week also so I have been watching it to get the best price on both sides.
OK here are my numbers for tomorrow. If you will notice The ES has been forming this triangle pattern for the past 6 trading days. We are getting very close to the apex right now which tells me we are getting very close to a big breakout. The divergence traders out there are also noticing a bullish divergence forming right now as well. So if you put 2 and 2 together we could expect a strong breakout to the upside coming very soon. The good thing about trading breakouts is that we don't have to be accurate about which direction it moves because we will have both sides covered. The bad thing about trading breakouts is the likelihood of a false breakout first before the real breakout. That actually happened today on at pennant formation. It didn't move far enough on the wrong side to sucker me in but it could and probably did get some traders. These numbers I am posting should be far enough away so that a false breakout won't catch you but close enough to allow a 2 point gain. Sorry for the wordy post but I needed to explain all this. By the way, that triangle formation we are in is also on the other indexes as well as the Q's so this adds more weight to the formation. Here are the S/R entries for tomorrow: Long 1265.75 Short 1252.25 Have a good trading day tomorrow: 4re
Looks like we have more downside action to go today. I am going to do a scalp and go short at 1252.75. I'll get ready to make a quick escape as we get closer to 1251. If it looks like we are going to break that level I might let it ride a little bit farther down. This is mainly due to breaking the downside of the triangle we have been in. 4re
I did take the trade and got out with 1.25 per contract. Will go short again after we break 1251 by .50...
I personally doubt that will happen, but of course I can be mistaken totally. 1251 has had a bottom 3-4 times now and on top of the daily divergence you know what that means, don't you? Well, all the best anyway.
I took my SHORT off the failed breakout (I have 1260 as Resistance) this morning with a bearish TRIN (yeah, I know, but I need something to steer the boat, otherwise I'll be trading like a monkey on crack ... ). Yesterday that setup was a dud and I took my 2 pt loss and called it a day. Today I scored 4 pts and now I have to sit out the rest of the day ... that's the way it goes folks. It's bouncing around down there, but I think support is going to hold, let's see what happens around 1:30-2:00pm ET. Later, JJ
I don't know right now. I won't short unless we breakout under 1251. It is fairly strong support right now. Here is what I am seeing right now.
see, the thing is, while we "retraders" use tight stops/crossover techniques to exit a trade, anyone with a firm grasp of S/R can play much looser with their money ... even with the bearish TRIN, this support looks like it's gonna hold (it would've had to have sliced through support and keept droping for support not to have an effect), reverse that logic for Resistance. Later, JJ