Wednesday, October 6, 2010
Looking Like Choppy Consolidation
We have not been able to establish momentum in either direction today. However, the market is beginning to look weaker than it is strong. We had a failed continuation above 1157 on the ES and now we have minor resistance there. I like short scalp plays at the moment. Book profits while you have them. Lets see if we can get a follow through move to the downside later today. If you can book some scalp profits now, you can use that to buy you a free stop later to try and grab an extended move into the close.
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I expect continued chop with a move lower to 1150 coming a bit later in the day. If we continue past the 1150, we have the potential to close down in the mid 1040s...
ReplyDeleteLooking to get Short now ES around 1154. Will post the trade when I enter it
ReplyDeleteNot Short yet, may be heading for VWAP at 1155.50. Will wait for this upward momentum to fail b4 I enter short
ReplyDeleteShort at 1154
ReplyDeleteThere was no failure of upward momentum when I entered, but I got a little aggressive after we pierced the resistance high from 30 minutes ago and didn't continue higher. Lets see what happens here. I am looking for move down to 1149
ReplyDeleteJust can't seem to get any continued selling as we are now in the last 30 minutes of trading. Would have liked to see the lows tested by now. Maybe we'll have to wait till the GLOBEX session to get down to 1148-1150.
ReplyDeleteShorts cover into the close to drive price back up. Still right around intra-day resistance so lets see if we get some selling after the bell...
ReplyDeleteCovered at 1156.25
ReplyDeleteAfter the failed move down in the last 30 minutes, setting a stop at break even (in anticipation of short covering) is the right play.
ReplyDelete