ES 1/9/13 & 1/10

Here we are again, like groundhog day. Yesterday we probed a little lower into Jan 2nd value area and volume built around the 49 to 49.50 area. Buyers came in late and pushed it back up toward that 52-53 comfort zone. Overnight I show a 56 high, just recently attained. I do show trades later last evening up to 56.75, anyone else got that. Either way it was pushed back down. If we open now it would be above yesterday's value area and the O/N low is at the top of that. Will we retest the 49 area?

Thanks Bruce, Just wondering I share the same struggles with trailing stops, very emotional when it starts moving back against you.

cool example of the slowing down properties of time poc's from multiple days...just exited at 56 print...just too close and don't want to be tortured

Well done Bruce!

I'm gonna hold my last for 55.25, again testing my patience.

Stopped at 58. Overall good day, It may seem like I had the greed trying to squeeze out that last half. But I'm working on my fortitude, Had the target set and the stop set. And, what in my mind was sound reasoning, gave back a little, but as I said before, I've bailed without sound judgement, so I'll take the hit, especially on something that has already moved in my direction. Nice job Bruce, Good calls Nick, thanks for the info. I'm out for the day.

thanks Bkay....I often wonder if it is better to exit all at once or to scale out and while sometimes it might be better mathematically to exit all at once we also need to know ourselves and if you are the type that gets frustrated to watch price move in your intended direction without being in the trade or you chase the market then you need to do what is best for your mind to keep u in this game if you intend to make a living out of this.


talk about a run on sentence !!

I've been guilty of both of those above so I like to try and hold something to overcome my demons of chasing or frustration...at the same time I try to be satisfied when I have small wins.....like yesterday..

it seems easier for me to hold 8 or 10 contracts when I am 4 points away from the ultimate goal than it is to hold one contract when I am one point away from my final target


the bottom line is that trading can really mess with your head !!!!

thanks bkay, have a good day

Well said. I think I need to work on my grammar too!

I get your point bkay....it's a good habit to try to hold when you can with sound money management...with all the noise in the ES it is very difficult to keep the risk to reward even when we are just ticks away from our targets...I think you are doing the wise thing and thanks for sharing that kinda stuff with us here

Originally posted by bkay59

Stopped at 58. Overall good day, It may seem like I had the greed trying to squeeze out that last half. But I'm working on my fortitude, Had the target set and the stop set. And, what in my mind was sound reasoning, gave back a little, but as I said before, I've bailed without sound judgement, so I'll take the hit, especially on something that has already moved in my direction. Nice job Bruce, Good calls Nick, thanks for the info. I'm out for the day.

from a probability view we haven't taken out the O/N high or low yet today..something to keep in mind..in general as long as we stay inside the RTH high of yesterday than logically they will take out the O/N low but if we get back above the RTH high of yesterday ( specifially looking at the LVN and single prints at 59.50 - 60.50 )than we can expect the O/N high to still be able to trade today

either way it doesn't pay to be agressive from here on out...

had to revise my magnet price down a bit for today - Friday...now it is 66.50...so all the On volume is near yesterdays close...I'd like to see a push below 65 to set up the long if we open and don't print the 66.50 first

ideal short will be above 68 ....both trade ideas will work better if we don't print 66.50 first in the day session

secondary support is 62.75


pitbull zones should work well today