Wednesday, May 23, 2007

ES Surges 6 3/4pts to 1531.75 in Globex Trade

06:07pm Would be interesting to see if this surge continues & invalidates Leg 1 of Back Door Bull Break - which incidentally starts at 1533.25. So, this will be the key level to watch out for.
09:42pm We had a Minor PPF of Resistance just now (which I did not take because I was away from the PC). With the TREND Chart pointing up strongly, I am looking for a PRIME PPF of Support to go LONG.
09:43pm Just hit PRIME Support, on the TRADING Chart.
09:50pm Here's the push...We have a Confirmed PRIME Bottom at 1525.00 - As long as PRICE does not break through new PRIME Support at 1528.75 on the TRADING Chart.
09:53pm As the push wasn't strong enough to clear 1531.75 convincingly, any LONGs here will still have to be treated with extreme caution.
09:55pm Just to recap...nothing has changed significantly yet. We have not invalidated Leg 1 of Back Door Bull Break as yet.
09:57pm We are almost there...
10:00pm We have a PRICE Match at 1533.25
10:01pm Looking for a LONG here.
10:02pm Missed that LONG again...Am always a bit careful when the upmove has been a while.
10:03pm Leg 1 of Back Door Bull Break Invalidated.
10:15pm We are in PRIME Support for a LONG. Looking to go LONG here but with caution.
10:15pm Ooops...even before I go LONG, there is already a hint of a failure of Resistance here. May have to take the SHORT instead.
10:20pm SHORT 1533.50 / STOP 1534.50
10:21pm Do not expect much from this SHORT. Bullish undertones are there...
10:23pm Tightening STOP to 1534.00
10:32pm Stopped at 1534.00 / -0.50pts.
10:49pm SHORT 1534.50 / STOP 1535.25
10:51pm Stopped at 1535.25 / -0.75pts.
11:15pm Waiting for a pull back to go SHORT. Minor PPF of Resistance at 1535.00 (11:10pm S'pore Time)
12:26am SHORT 1532.75 / STOP 1533.75
12:29am Moving my STOP to 1534.00
12:37am Moving STOP back to 1533.75
12:43am Stopped at 1533.75 / -1.00pt.
12:44am Very frustrated with tonight's trading. Missed the good moves, and ending up being stopped out with scraps like the fake-outs. I'm calling it a night. 3 Trades. 3 Losers.

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