thank you for following along with us today. Hopefully we will be able to do this everyday. I hope to be able to post like this on a regular basis time permitting.
good trading. ES should have additional weakness going into this afternoon. Look for the next leg down after NY lunch time around 2:30 - 3pm EST. I'll keep you posted. p.s. keep those 60min, 5min, and 1min charts up.
Looks like they want to break both its legs early. Still possible 3rd leg selloff this afternoon regardless of what happens this morning.
you should have already moved your stoploss to at least 1123.00. this could get very ugly very fast. at the rate this thing is going you should look to hold this one overnight especially if we get 10pts of profit locked in by the close.
If you are still holding short then you may want to tighten up your stop here as we head into the last hour of trading.
If you would like to hold your position overnight you may want to move your stop to 19.50 or 19.75. That should hold if this mkt is going to continue to slide down.
Whoa!, I don't think so sport. You don't place hard stops remember? Let's see what you said back in September: ...The initial 3 point target will allow me to exit the trade atleast break-even. Break-even = half a point. The sell limit order is not placed!!!!!! It is merely a guide to move the stop loss to break-even once the 3 point target is reached. It's a guide, not a hard stop. So you would not have placed an order to cover your short simultaneously with your short entry. So, please don't try and tell me you placed an order to cover at 1119.50 as soon as you shorted at 1122.50.
To all posters: Checking back in, I see that you now (after all this time) have some idea of a systematic approach. It seems to be a simple moving average (trend) system. As a previous poster said before signing out "beware the chop", and I agree. Now it should be no problem for someone with Tradestation or Investor RT to backtest this system and get some idea of what it has done in the past. If the system tests out in a promising manner, you might incorporate some ideas into your own trading program. I can tell you this... Just following another trader's "calls" is not going to help you to learn to trade. Just to give those who understand an idea of what I am talking about, I watched the market hit support at about 1115. When it failed to take out resistance, I was long. I took a couple of points profit and bailed because nothing was happening in the middle of the day. At 1445 the market again tested support and again it failed. What isn't going down, has the possibility to go up, so again I was long small size because second signals are often losers. I had to learn this from trial and error, not from taking someone elses signals. Now I am holding with a profit, while you guys are left with advice to hold short overnight. Personally I would give it some more thought. Good luck everyone. Steve46