ES on 3-18-11

Sometimes you get lucky. Got home from work and re-shorted the 1269 for an O/N trade, and placed order to cover @1262, which was the low during RTH. Just got back from family dinner, and lo and behold, my short was covered at 1262. Then ES shoots up to 1279+. New short placed at 1279.50. Whoever was watching that double bottom at 1262 early tonight and went long - congrats! Setting up for nice trade tomorrow.

this is indeed very useful kool, thanks a lot man

no votes! ..ugh! i guess im overdoing it again! i'll stop here... C YA!.. GOOD TRADING ALL!

u did get my vote fwiw...

Kool I always vote you up.

I don't think you are wasting anyones time.......these threads get lots of hits so not everyone is always here....and as you know I'm very guilty of not voting.....but I don't expect votes anymore either....

There are just too many great ideas here and us "regulars" know most of the mechanics of each others ideas.....

For me, I'm partial to the short side but will wait to see if we get back out below the IB low to see where the internals are etc..it just seems ripe for the breakaway traders to push it out so I'd be careful on fades from here on out.

Opt Ex has already been mentioned...we seemed to be trapped between that 68 - 70 volume and that 90 - 91 volume.

Best trade is probably no trade!!!

Finally got a break at work to check on things; like I said this morning, probably a churning sideways day after that opening gap. Got a little worried when it spiked up after the Libya announcement. But that and the bank news allowed my 1282 to hit early. Closed my two shorts first at 1280, and later at 1275.5. So a small 6 point up day, but always better than losing. I am flat now, and probably done unless it spikes late for a good short trade.

P.S. Earlier comments to me were appreciated. Will respond probably next week with what I feel I have to offer to this site; maybe a little different slant and contribution; either way, no hard feelings. Nice weekend to all. Stevo

Dont know anyone here who uses a 10+ point stop to make 3. You will probably be talking to yourself:}

Very nice trade kool, if you held on to it.

Originally posted by koolblue

i JUST SOLD 1279.00 but one only this time.. dont forget the 30 min bands(and main trend are still up! and the 5 min avgs are still in bullish alignment! IF we are going higher you'll first see 80.50 then we will likely proceed to 83, 88 and finally 91.50.. So there you have it! the stage is set!....

76.5 was the 1.618 proj on the 1m chart (72.75 - 75 move) and also the upper end of that big volume area Bruce has pointed out repeatedly...so tough to get through there with very little or no vol at all...fyi, i did not take the short (do not trade on afternoon sessions on quad witching fridays) but just wanted to point that out...good weekend all

Hello,

I am new to this forum. The knowledge shared in this forum in mind blowing.

How to vote? I searched and could not find a link or info in FAQ.

Thanks
Raj

Greetings!

Great stuff here. Keep up the good work.

My bias today was long. I made two trades. Apparently there is a "ban" on non real-time trades, so I will simply ask for comments on the next few day's direction, starting on Monday 21 Mar.

My thoughts were we were going to at least hit 1292 today before heading back down. Generally speaking I only trade 1 - 2 times a day and place a single order that upon execution, triggers an OCO. After my first successful trade for the day, I entered my second trade at roughly 0905 hrs EST with a buy at 1283.50. My profit target was 1288.00. Obviously that did not hit as the high on the 0925 hrs bar is 1287.25.

The above is one of the disadvantages of not watching the ES tick by tick (I gave that up after several years of futures trading). My current method is more like fishing and no trades or a trade every other day is fine by me. I adopted this method from my success with swing trading stocks and I'm surprised at how well it works.

So, my post is a small introduction as well as a desire to solicit members thoughts on direction for the next week. I'll throw my hat in and say we'll visit 1300 before re-visiting the lows established this week.