It's just profit taking folks, nothing to be worried about here. I think the market should shape up around noonish (maybe later), but with that nice gape down, and only a little further to drop, I'd give it that. Will look to go long, using the Pivot Trend as previously stated, but I won't wait for S1 to be crossed to initiate it. Wanna know why? I'll tell you later ... promise. Best, JJ
Buy @ 1307.75 Protective Stop @ 1305.75 Hold to 1317.00 (or someplace thereabouts). If this sticks, it sticks, if it goes bust, that's fine too, I'm getting some more refreshments. Later, JJ
OK, that position was stopped-out. Why? ... Because it was a bade trade? Nope, price dropped down and hit the protective stop, it was too tight for the trade. Re-enter @ 1307.00 Double the number of contracts. Protective Stop @ 1305.00
Just curious if you always double up after a loss. Say you did 1 ct the first trade, so you do 2 now, and it gets stopped out, is your next trade for 4 contracts?? Seems like a slippery slope to go down, but thats j/ IMO.
ES is still "net" -30,000 contracts.................you may want to try and get out at B/E and wait for a delta shift prior to any longer term LONG ES position......just my $.02
Thanks fellas, methinks we're at a bottom here. Could be wrong, but that's how I'll vote for now. Best, JJ
I am using Investor R/T's market delta and market profile tools and I would not trade with out them. btw, I have a MP level at 1305.00.....so far our ES low today was 1305.25 :eek: If we get below this level with initiated selling then I would say we would have some difficulty for a while to get back to our recent highs....... 1305.00 is the line in the sand for near term support (a run for "stops" could bring us down as low as 1303.50.....about 1.5 points below the MP level of 1305). If we "liquidate" through the 1305 level and through "stops", there will then be additional LONG covering from our recent market rally above the 1300.00 level. This may not play out until "J" period if more holding LONG positions are worried and start covering through the end of day.....we will see.
Well at least you have a MP level right near your stop.....that may help you if we do not have anymore aggressive initiated selling to challenge that level.....if the holding LONG's get nervous here, they will start to cover and we will at least get a stop-run imo.
I did take 1 LONG at 1306.25 to 1307.25 with a first bounce off the MP 1305 area......one trade only though and next time we go down to 1305 I will not be looking for LONG's again.............. http://www.charthub.com/images/2006/09/06/ES_317_VB.png