Discussion in 'Index Futures' started by polpolik, Aug 2, 2006.
my ES chart says down. Shorting 6 contracts at 1284, with stop set at 1301.
u have putting a very close stop loss 1301
i say short also 1284 but the 1282 look,s preety strong unless we have some major major selling coming in
it could re test 1288
let see what happens
I've got your back.
I think there's a good chance of testing 1288 but I won't be in front of my computer the next few days so I gotta put my trades in today
Also, 1301 stop is not a hard stop -- more of a psychological stop depending on how the market ebbs and flow.
are u trading long term more lke swing
i am more a day trader
9.30 to 4.15
I got two accounts, I daytrade and one account for swing trades. I rarely use my swing trading account - only when I see a very convincing setup for a trade like today.
Been trading NatGas and the Forex futures lately, I've stayed away from the equities this week. I'm not utterly convinced about these upswings but don't want to get burned so I'll stay away for now when daytrading.
I'm with you man, got a quick long this morning and then started scaling into an ES short today, avg price 1285 on 12 contracts so far. My stop is tighter, 1293, but 1290 is where I currently see the make it or break it point being at.
This week will definetly tell the story for the coming month - the volume feels undecided, today's double top was slightly awkward given the recent run, AND, we are at the top of a sell side value area.
I have been known to change my opinions on a dime before, however, I do believe the odds are starting to dramatically weigh in favor of some major downside.
full on short.
i still dont understand (1280 to 1282 seem to be holding so so strong i mean everytime it brake it it is right back at 1282/83/84
and you guyr are still bearish what if it is making a face to fire at 1292
This is what makes it more exciting. My trading does not solely focus on support and resistance as I use candlestick quite a bit.
I look at the psychology of the market and what it's telling me is that a lot of sellers are coming in and pushing this down everytime it tries to go up. that's why I have 1301 set as a stop in case the sellers give up.
As mike mentioned, I can change the trade if I see a rush of buying come in. Volume has been slowly decelerating, too.
Let's see how this plays out.
We usually see a sharp runup around the July to August then a sharp drop until September then a rally in October.
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