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  slick60 said:
Also Peter is now teaching volume strip analysis which I tie into the HVN somewhat. Makes sense. Someone just committed a lot of money to the move. Maybe wise to go with them. I would love to be able to evaluate the quality of the money coming in at the time.

 

Evaluating the "quality" of money is impossible, IMO. Smart money, dumb money, is all a big distraction. The "smartest" money buying the ES may only be to hedge a much larger opposite position in another market. The intention of those putting the big bucks cannot be known, and it cannot be assumed that the goal is to actually have the market go in the direction of their position. All we can see is their activity via volume. Intentions are not know, and do not matter. Just my :2c:

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  joshdance said:
I do have that tendency but do not do it as much as I used to.

 

Yesterday I was long and after scaling had a BE stop at 73. The market ticked to 71.75, and then began its move up. At that point I was waiting for a pullback to enter but the strength was so much that I just watched all day. Not saying it's good, but it's what I did.

 

 

Yes, after that 71.75 was no reasonable situation to get back in. At least you stayed disciplined and did not chase the price which is a good thing.

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I have taken a small short position here at 82.75 for a retest of 80, and if lucky, lower. I'm only giving it 5 ticks as it's a relatively low probability trade, but if it works out will be a nice trade.

 

This area (83ish) on the profile both today and yesterday has been quite important.

 

edit: will probably breakeven this if it comes back to entry at 82.75 ... oh well, won't get back to posting every trade, so good luck, silence on the airwaves from here.

Edited by joshdance

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I have a short position too (82 though). Like our friend Will I expect a bigger move to come... not sure though whether this will be to the downside... ready to switch my position if we see higher prices

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  joshdance said:
I have taken a small short position here at 82.75 for a retest of 80, and if lucky, lower. I'm only giving it 5 ticks as it's a relatively low probability trade, but if it works out will be a nice trade.

 

This area (83ish) on the profile both today and yesterday has been quite important.

 

edit: will probably breakeven this if it comes back to entry at 82.75 ... oh well, won't get back to posting every trade, so good luck, silence on the airwaves from here.

 

Agree with you on the trade, am leaning against 83.50 but target is 78.25. Agree on low probability but right trade

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  clmacdougall said:
We are in the same trade for probably totally different reasons. But every once in awhile we overlap.

 

My reason is to make money, I assume it's yours too!! :rofl: Kidding of course. Glad our paths cross in the market :) Actually we might not be far off in our reasons, I just mentioned part of my overall reason, primarily the reason for the location.

 

Took scale here at 80.50 ahead of my friend, the trend line, which may have enough people watching it to actually matter.

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  joshdance said:
Hope says much further, eyeballs not so sure.

 

lol... yes, hope says something around 60... :)

 

eyeballs (& brain) still see the possibility for a strong up move...

 

EDIT: ... meant 50...

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  karoshiman said:
covered rest at 80.75... looked too strong... might re-enter later

 

lol, this market is wild isn't it? I exited 82 on the last 1/3, still a good trade given the 2 and 3 points on the first 2/3.

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  karoshiman said:
it is :)

 

great upside potential now...

 

certainly is possible.... but this is the kind of day that loves to give false hope (like this last downside possibility). It's opex day in 2 days and we are in a classic "rebalance" after super strong trend day. Probability, IMO, goes with staying below yesterday's high. But as always... (see signature)

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  joshdance said:
This has held very well so far.. established small long position at 83, looking for 86 first .. only giving this 2 ticks to work.

 

Took 85 instead, just ahead of the high. Let's see if we can get yesterday's high...?

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Wish I could make a composite that was not all scrunched up. Need a huge screen for that. I have here a couple of snaps of the current auction long term as I see it from the low dating back to Oct 2011. Looks to me from the 2nd snap that it would be easier to go down than up right now and I would have to think a correction is quite possible for this last push up from 1136.00 on Nov 25-11. The 1277.00 area is a fibo retrace of 50% and 618 of this move up. How low will we go before higher is the big question I believe. I feel this market will go higher into Sept or Oct this year before FINALLY saying that it has had enough. No doubt there will be something at that time to act as a catalyst for the forever down move to come.

One step at a time - one profile at a time and make some money.

 

Good trading people

 

slick 60

5aa710eddb9cb_CompositeOcttoApril18-12.thumb.png.d124b7c1c9efd4e77e58e6d99f07d523.png

5aa710ede6ce4_2.CompositeOcttoApril18-12.thumb.png.b40310bc08222d1caa943bdbb9af584b.png

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  joshdance said:
Took 85 instead, just ahead of the high. Let's see if we can get yesterday's high...?

 

out at 84 on the 2nd portion, so flat now but may re-enter long again. Good job karo, way to take the long when you did. 1 tick of heat on this with a +2 and +1, can't beat the risk on these types of trades.

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Notice the dismal volume on the profile today for the 84-86 range, and compare it with this low volume area on the long term profile here. Has the market made it clear that is it rejecting this area and trades lower? Or not?

5aa710ee17439_4-18-20123-27-48PM.png.c40e86e11c1af16c9801a01ca21ee67e.png

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  joshdance said:
Notice the dismal volume on the profile today for the 84-86 range, and compare it with this low volume area on the long term profile here. Has the market made it clear that is it rejecting this area and trades lower? Or not?

 

I think this was a head fake move... it's going lower IMO...

 

sold half my long at 84, then got greedy and reentered higher... bad idea :doh: ... got out with a loss :angry: ... it's one thing being right and another taking a profit home :crap:

 

I'm short now for overnight from 79.75... "hoping" for my first scenario 50-ies...

 

EDIT: of course not the 50 overnight... but a nice move might still be possible overnight

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  karoshiman said:
I'm short now for overnight from 79.75... "hoping" for my first scenario 50-ies...

 

EDIT: of course not the 50 overnight... but a nice move might still be possible overnight

 

I hope this works out for you, and I'm not saying anything to cause you to change your mind, just putting my view out there.

 

The attached chart shows a multi-day picture. Essentially, we are at support from last night, and a move down may be imminent, but it's a place where buyers may well be interested. I don't think the move down we saw at the close is the type of move that will have immediate continuation. I would expect 85 to be in play before way lower. Of course, I'm risking nothing in saying that, so I'm not a buyer here, but I rarely do overnight anyway.

5aa710ee7ecc1_4-18-20124-33-52PM.thumb.png.40647b1d6810674127abccb3ab6e9e7a.png

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