Thus far ES has stalled near it's 200 day EMA (green line) and
is pulling back some this morning. Continue to trail stops up
and/or take some profits in accordance with your objectives and
plan. Support below are the various MA's which are likely to be
tested.
another ES daily, first support to monitor is the 5 EMA which
it's almost being tested now. Of course you can see how the
doji candlesticks have marked recent tops and bottoms and provided
a trade entry.
Also most of these triggers would have occurred overnight, such
as last night the low of the doji was 2001.75 and had you have a
sell stop in for a price below that, it would have been triggered
at 4:30 am
You can play these of course, just remember your triggers many
times will fill overnight because the market tends to gap these
days with the moves occurring in the overnight session
what happened before is that a low of the previous candle was
exceeded, and the price went back to the highs to provide for a
much better entry on the short side on daily ES charts.
the point I'm making Junkie is that the daily SPX cash does not
show proper gap opens, many times it shows price opening where it
could not have, you will look at a history of the SPX cash and see
all these perfect entries based off taking out doji high and lows
but in reality many of them could not have been traded like that
unless you traded ES overnight to get the trigger.
For example here's the daily SPX cash the price Stockcharts
shows it opening at is not correct, it gapped down. look at
SPY or SSO on a 5 min to see the gap. This example is not
that extreme, there are other much more extreme cases where you
would have missed your triggers entirely.
Yes last time you could have gotten a bounce back to enter, but
that's not always the case. Point is, moves occur overnight
many times and cash does not show opening gaps properly
see the two 5 min charts of SPX cash and SPY, as you can
see it has cash opening way up there at 2015, but it never traded
there! see the 5 min SPY to see where prices would have
really opened
I heed your point, Matt: I trade futures instead of a cash
index. I did not add to my short position after the ramp up of
futures after the close -- waiting for 61% retracement at 2032
cash-- and did not take a buy stop at 2001.50 on Dec15 as the
risk/reward was not great.
ES Daily View
Posted by steve on 13th of Oct 2015 at 08:41 am
Thus far ES has stalled near it's 200 day EMA (green line) and is pulling back some this morning. Continue to trail stops up and/or take some profits in accordance with your objectives and plan. Support below are the various MA's which are likely to be tested.
another ES daily, first support
Posted by matt on 13th of Oct 2015 at 09:25 am
another ES daily, first support to monitor is the 5 EMA which it's almost being tested now. Of course you can see how the doji candlesticks have marked recent tops and bottoms and provided a trade entry.
Also most of these triggers would have occurred overnight, such as last night the low of the doji was 2001.75 and had you have a sell stop in for a price below that, it would have been triggered at 4:30 am
You can play these of course, just remember your triggers many times will fill overnight because the market tends to gap these days with the moves occurring in the overnight session
what happened before is that
Posted by junkie on 13th of Oct 2015 at 09:31 am
what happened before is that a low of the previous candle was exceeded, and the price went back to the highs to provide for a much better entry on the short side on daily ES charts.
the point I'm making Junkie
Posted by matt on 13th of Oct 2015 at 09:38 am
the point I'm making Junkie is that the daily SPX cash does not show proper gap opens, many times it shows price opening where it could not have, you will look at a history of the SPX cash and see all these perfect entries based off taking out doji high and lows but in reality many of them could not have been traded like that unless you traded ES overnight to get the trigger.
For example here's the daily SPX cash the price Stockcharts shows it opening at is not correct, it gapped down. look at SPY or SSO on a 5 min to see the gap. This example is not that extreme, there are other much more extreme cases where you would have missed your triggers entirely.
Yes last time you could have gotten a bounce back to enter, but that's not always the case. Point is, moves occur overnight many times and cash does not show opening gaps properly
see the two 5 min charts of SPX cash and SPY, as you can see it has cash opening way up there at 2015, but it never traded there! see the 5 min SPY to see where prices would have really opened
I heed your point, Matt:
Posted by junkie on 13th of Oct 2015 at 09:50 am
I heed your point, Matt: I trade futures instead of a cash index. I did not add to my short position after the ramp up of futures after the close -- waiting for 61% retracement at 2032 cash-- and did not take a buy stop at 2001.50 on Dec15 as the risk/reward was not great.
are there any known targets
Posted by junkie on 13th of Oct 2015 at 09:17 am
are there any known targets for this drop, based on this chart?