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Holding Short ES


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#1 IndexTrader

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Posted 22 January 2007 - 12:26 PM

Still holding short ES from 1435.00. I'm not seeing any particular reason to be long here. Just to summarize, we broke out on the NDX...and failed. We broke out on the SPX, unconfirmed by futures...and failed. Lack of confirmation by various momentum indicators, like Summation Index for instance. A rally wouldn't surprise me here....just as it wouldn't have surprised me Friday. But in my opinion there is potential on the downside. Right now, I think a test of the early January lows seems possible...around the 1412 area basis ES, 1405 SPX. Still carrying wide stop. IndexTrader

#2 S.I.M.O.N.

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Posted 22 January 2007 - 12:34 PM

Still holding short ES from 1435.00. I'm not seeing any particular reason to be long here. Just to summarize, we broke out on the NDX...and failed. We broke out on the SPX, unconfirmed by futures...and failed. Lack of confirmation by various momentum indicators, like Summation Index for instance.

A rally wouldn't surprise me here....just as it wouldn't have surprised me Friday. But in my opinion there is potential on the downside. Right now, I think a test of the early January lows seems possible...around the 1412 area basis ES, 1405 SPX.

Still carrying wide stop.

IndexTrader

very nice trading, letting your winners run, i should do that more often... :lol:
*previously known as pnfwave

#3 dcengr

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Posted 22 January 2007 - 12:47 PM

In hindsight, I think I was better off with putting in a tight stop and letting it go where it may <_< Can't diss making money tho.
Qui custodiet ipsos custodes?

#4 Net

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Posted 22 January 2007 - 01:46 PM

Still holding short from 1439.75. (Previous 1438.75 short was closed for very small gain and trade re-entered.) Looking to close this trade at 1421.75 (ES) and re-enter a few points higher on a bounce, just to pad the stop a little. I still have some upside targets projecting new highs... we'll see if that happens. If we don't make it 1421 - 1422 ES today, I'll pull this order and re-evaluate. VST downside targets are a confluence area at 1427.25, from the 50% retrace at 1427.5 and projected downside target at 1427.0. Low tick so far is 1426.75, so this could be a VST low and the low for today, as it's held so far. However, the expanded 1.618 downside target is 1419.75, and I'm making my play here thinking there's perhaps more on the downside today, with an order to close 2 points above that target and re-enter on a bounce. Of course, 1427 may hold and we bounce... we'll see.

#5 pdx5

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Posted 22 January 2007 - 02:56 PM

IT.....congrats on a successful trade. My guess is if market has even a small correction before tax day, a lot of bulls will cash in their capital gains, and will owe a big chunk in taxes on April 16th. That time slot could provide a good entry to go long.
"Money cannot consistently be made trading every day or every week during the year." ~ Jesse Livermore Trading Rule