13 thoughts on “Buy ES NOW tg=2662.00 st=2656.00 ts=15:50 (disc)

  1. reasons to NOT like the trade: TF, NQ, and YM all not near HOD break-out levels, just ES. NQ has a HOD from 5 days ago in it’s path. TF not near HOD.

    reasons to like the trade: Nice wedge pattern on ES, YM similar-ish. Clear sailing, in terms of resistance levels, for ES, YM. NQ holding steady above yesterday’s range. Monday. “Never short a dull market,” it’s dull (ish) action today. Also – a number of pivotal stocks have nice ascending wedge patterns. Still have range left, to make a typical ATR, for ES and YM.

  2. thoughts on the psychology of this moment: Sooo, everyone myself included WANTS breakouts to happen quickly. It just *feels* good, when you trade in the direction of a breakout, you get your entry timed right, and the breakout is a quick impulsive move to your target. On this trade, the ES HOD got broken by just 1 tick, twice in 6 minutes, and price has held steady at the HOD for 11 minutes now. It makes for worry. Break outs aren’t always quick. If you really like exciting break-outs, thinly traded cheap stocks & thinly traded futures (particularly some ags) are the place to be. The ES has a huge population of people trading it, for a number of reasons – they’re not all directional traders, and they don’t all put stops right above the HODs. Long story short, don’t seek out excitement; seek out predicable price behaviour, and the profits to be made from trading them. On this trade, right now, rather than allowing myself to worry, I’m revisiting the premise for the trade, and maybe double-checking my thinking a bit. As much as I’m tempted, it’s not fruitful to let myself get emotional on this or any other trade.

  3. ES still at HOD, pattern still looks good. NQ gave a nice nudge to the other markets, and consolidated for a while.

  4. at this point, 2 ticks to target – a good thing. Total risk is 4 ticks. The trade is now in the greet about 8 ticks, looking for another two. The trade is in a good position.

Comments are closed.