No major news this morning. Thursday saw very limited trading as volume was practically non-existent. Barring any unexpected news event that would catalyze more participation in the markets, I don't expect today to be any different.
Market continues to be overbought but could certainly float up further on light volume. I continue to view global unrest as the potential catalyst to put some volatility back in the market. When that happens, the likelihood for significant selling far outweighs the chance for the markets to trade considerably higher. Impossible to predict the exact timing so just have to trade what we see for now...
Levels to watch today on the ES:
Resistance above at: 1340, 1342
Support below at: 1334-1335, 1328-1329, 1322-1323, 1317-1318
Subscribe to:
Post Comments (Atom)
Verde - Can't imagine there are that many shorts left up here to screw... They have all covered by now with their uncertainty of when the market will stop moving higher...
ReplyDeleteVis
Short ES 1341.75
ReplyDeleteYes Vis, I don't know who is left to buy at these levels...
ReplyDeleteUpper channel resistance here at 1342-1342.
ReplyDeleteShorts don't look great today, but had to take a shot at this level. Will not defend the short entry. If it makes a new high now, I will look to exit at break-even...
Scratch trade, filled at 1342
ReplyDeleteShort ES 4 cons 1341.25...
ReplyDeleteVis
Covered 4 cons 1340.25...
ReplyDeleteVis
Long ES 1 con 1339.50... Will add if needed...
ReplyDeleteVis
Added 2 cons at 1338.50 - Now holding 3 cons with cost basis now 1338.75...
ReplyDeleteVis
Added 6 cons at 1336.50 - Now holding 9 cons with cost basis at 1337.25...
ReplyDeleteVis
What size is your trading account Vis?
ReplyDeleteand what are your profit goals on the trade?
ReplyDeleteI have 2 - both over 100k... And you?
ReplyDeleteVis
Looking for 1338.25 for this trade but may exit sooner the closer to the close we get...
ReplyDeleteVis
Your strategy is a risky one, what would be the conditions that you would exit the trade?
ReplyDeleteSold 9 cons at 1338.25...
ReplyDeleteVis
Not trying to be coy but no risk, no reward... I would have exited if I had seen volume on a swoosh to the downside... Probably would have added one more time prior to that though... I've been doing this a long time and have learned to be patient and let the trades come to you...
ReplyDeleteVis
See how they are pushing it back up now? Classic short term move... Your account size?
ReplyDeleteVis
Just making sure you have a very specific trading plan and that you have profit goals that warrant that type of risk...
ReplyDeleteI maintain a minimum of $10,000 per ES contract traded per account...
Very specific trading plan indeed - The last 2 months I've traded less contracts than I have in a long time due to this constant move up... In a "normal" market I will hold up to 200 contracts in any given trade depending on what I'm seeing... But with this current market, the lack of volatilty does not bode well for certain strategies... That doesn't mean that I won't go in heavy now, but only with tighter stops... Trading 1 or 2 contracts will not make anyone rich and it creates an atmosphere where stops will almost certainly be hit... I rarely take a loss with my strategy but that doesn't mean that I won't take a large one from time to time, but they don't happen very often. It's all about short term charts, volume patterns and patience for me... The key to trading with alot of contracts is to trade your strategy, NOT your P&L... Profits will take care of themselves that way...
ReplyDeleteVis