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Mercifully the market got me out of that position and now I can do something else more interesting than watching ticks go by.

 

Lol. I think this is the beginning of the end of the week - until maybe a pop later on. Who knows.

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1351 hit which is a key CHVN on your and many others charts. I think 1352.50 could be tested. I am done for the week.

 

With all the potential volatility based upon EU decisions and releases ... it's a bit unfortunate that the markets are holiday trading next week. Still there could be some surprises and I'll be definitely watching pre-market for some decent setups.

 

Thanks Negotiator for posting these charts. My trading platform does not provide useful market profile information and I have to go to other sources to get it.

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1351 hit which is a key CHVN on your and many others charts. I think 1352.50 could be tested. I am done for the week.

 

With all the potential volatility based upon EU decisions and releases ... it's a bit unfortunate that the markets are holiday trading next week. Still there could be some surprises and I'll be definitely watching pre-market for some decent setups.

 

Thanks Negotiator for posting these charts. My trading platform does not provide useful market profile information and I have to go to other sources to get it.

 

No worries. Sounds like you had a pretty good week anyway! I'm actually pretty amazed 51's held actually, although it's slightly deceiving as the market is in slo-mo right now. Could well still be that it'll ramp through at some point. Have a good weekend anyway!

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Alright I am making a "call" short ES 52....1 contract in my nephew's account..lol

 

PS. Not a day trade...will hold past today's close

 

Add 59 1 contract..........

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exit 1 57.75..................

 

should have paid more attention to the short covering into the close....

 

weekly now sets up as a reversal long...but will still play for p2 and hold the 1 contract into Sunday...

 

would add again around 59 but nephew's account is too small to carry 2 ES into weekend..lol

 

yeah I fucked up on fading the pm BO...got complacent, friday pm, etc....too early on the p2 swing trade and shut my own trading down too early so i missed the short covering run into the close....

Edited by gosu

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That was a pretty decent move into cash close. Looks like there was a lot of business covering. Who knows. See what happens into 4:15pm.

 

My last comment was meant in response to your post, but it went into the edit of my prior post.

 

Got too complacent from the midday lull and PM lull. Of course a lot of players are on the wrong side from yesterday and would still be short today. A squeeze into the close was on the table but I wasn't thinking clearly there.

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My last comment was meant in response to your post, but it went into the edit of my prior post.

 

Got too complacent from the midday lull and PM lull. Of course a lot of players are on the wrong side from yesterday and would still be short today. A squeeze into the close was on the table but I wasn't thinking clearly there.

 

Fair enough, can happen .

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Nice move into close on Friday for those who missed it. Today is the first day of a somewhat fragmented week with 4th July falling slap bang in the middle of it. I imagine many will take Thurs/Fri off, so action might be slower or as sometimes happens, 'freer'. Overnight we've seen a test back into Friday's range (right down to where the thin part of the profile ends) and a test to new highs. Right now we're sitting just about at Friday close at 1358.25. There's ISM Manufacturing at 10am with other figs. I'd just say if there's any signs of strength in the market, I would think twice about fading it. Yes, we've seen volatility recently, but to me we may be going out of balance to the upside. Just a thought.

 

Here's a chart:-

 

attachment.php?attachmentid=29698&stc=1&d=1341235718

2012-07-02.thumb.jpg.999da6e56f49438930854e8eeaae4e0b.jpg

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Return to 1358.25 scene of crime from 10am ISM release.

 

Imagine getting long at the open and sitting with a loser all day. Not my cup of tea but I am willing to bet there's quite a few who did.

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Really nice pop on the Euro, as I have been watching how it has been trading with the ES recently. When the risk-on trade is in play, they seem to be reasonably linked. Managed to get long near the low of the 10:30 bar which was a retrace to the area of prior aggressive buying and it popped 35 ticks. Didn't get it all but got enough. Was already long and holding for 1366 on the ES which got hit at the same time .

 

I am going to hang up the shingle for today and come back on Thursday.

 

I have been concentrating on trying to stay in the long side setups as it has undeniably pushing higher on lower volume in the run up to the holidays. Nothing new there. Reminds me of trading the ES during the 1st four months of the year where it was just up, up and more up. Why fight it?

 

I see some of my higher targets are being pegged but I'm happy to be on the sidelines now and spending some time on my boat this afternoon.

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Really nice pop on the Euro, as I have been watching how it has been trading with the ES recently. When the risk-on trade is in play, they seem to be reasonably linked. Managed to get long near the low of the 10:30 bar which was a retrace to the area of prior aggressive buying and it popped 35 ticks. Didn't get it all but got enough. Was already long and holding for 1366 on the ES which got hit at the same time .

 

I am going to hang up the shingle for today and come back on Thursday.

 

I have been concentrating on trying to stay in the long side setups as it has undeniably pushing higher on lower volume in the run up to the holidays. Nothing new there. Reminds me of trading the ES during the 1st four months of the year where it was just up, up and more up. Why fight it?

 

I see some of my higher targets are being pegged but I'm happy to be on the sidelines now and spending some time on my boat this afternoon.

 

Branching out or do you often trade euro along with es? Markets are certainly unidirectional right now. 69.25 btw is the last price before singles from 5/4 up to 74.75. Then beyond that is the low from 5/3 at 78.00 and the gap from 5/3-5/4 at 79.50. The 78.6% retracement from 4/2-6/4 is at 78.50. One to watch perhaps.

Edited by TheNegotiator

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Branching out or do you often trade euro along with es? Market's are certainly unidirectional right now. 69.25 btw is the last price before singles from 5/4 up to 74.75. Then beyond that is the low from 5/3 at 78.00 and the gap from 5/3-5/4 at 79.50. The 78.6% retracement from 4/2-6/4 is at 78.50. One to watch perhaps.

 

I use the same setup on the EC but I'm a bit more careful ... however I find that it gives at least 2x the bang for the buck.

 

69.25 btw is the last price before singles from 5/4 up to 74.75. Then beyond that is the low from 5/3 at 78.00 and the gap from 5/3-5/4 at 79.50. The 78.6% retracement from 4/2-6/4 is at 78.50. One to watch perhaps.

 

Thanks for the update.

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Have been long in ES few contracts just before the first strong leg up today and got smacked by 4 tick stoploss.. :crap: and later almost got screwed trying to catch few ticks of reverse at around 9.15 and missed only to be carried over to the next top at 10.45 and there I was with almost half of my account buying power load of shorts against the super strong rally... :( Jesus, I am still tired.

Just wanted to ask you guys do you ever try to average out or just simply take loss and look for a better level to jump in? I ve been trading already for a while and know that the rule is you stop the loss and take the profit but several times my few of the most rewarding days were when I averaged out the wrong entry and then enjoyed the nice run in my direction being with a slightly bigger position in the market compared to my usual first entry size...

 

Tnx for honest replies

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In order to use a 4 tick stoploss in the ES in the RTH Session you have to use a very good entry. Either you are using an entry that is timed perfectly to be with the momentum of the next swing or you need to be buying the low of a bar/area (if you're getting long) and in front of prior support.

 

Small stops are account killers in the ES. If you're right but miss the big move becuase you didn't want to risk too much based on a smaller account size then you are simply trading too many contracts and you should reduce the number until you can have a stop that keeps you in the move while you're still right but gets you out if it turns out that you're analysis is wrong.

 

I don't average down. Simple. If I were to do it it would be because I had one setup at one price and another at a near price and I was still okay with the risk involved. But that might be 1 out of 100 trades so not really worth thinking about.

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