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Joined Jul 2007
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Status: I deal in lead
|393 Posts
Last trade of the day: shorted failure to make new highs at R1. Entry at 1237.50. Original target was R2, but once I saw the velocity with which price broke 1231 I moved it down to the next major S area at 1225.
Flat ES with final target hit at 1226.50 - that was a good day. So how did it end up, let's take a look (Equities SELL programs cause ES LONG liquidation into end of day) -
Very nice ES Rally on news/dollar weakness in after hours/pre-market session. ES still has some held SHORT inventory remaining (open interest which is deep underwater) and I am watching to see if it will all unwind here leading up to the US cash session open. Since we finally had a good acceleration of SHORT covering with this push to the 1268's area I am going to start fading this rally light - first entry at 1268.75's -
Initial targets set at 1262.75 / 1258.00 / 1248.00 / last as runner. This is a very aggressive entry with some held SHORT inventory still in place (that could capitulate / buy to cover at anytime) but I know how much price can move with the held inventory remaining (statistically). I like the overall set up and I am willing to start scaling into this last held SHORT inventory situation here (I am breaking my trade entry up into 1 initial entry and 2 add's max if needed - my usual) -
I am getting a decent set up in the Euro here (6E) so I am going to start scaling in SHORT 1.4173's (will go up to two more add's max - my usual). Looking to add small entry back to ES - standing by for that.
Add small position back to overall SHORT ES trade at 1274.25 with new target added at 1265.75 and next target set at 1257.75 - added position to the 6E trade at 1.4186 with first target set at 1.4166, next at 1.4136, and last as runner -
Last add to 6E trade at 1.4208 with first target now set at 1.4188 and all other targets as before.
Ignored
No change to ES trade and 6E trade pulled out last 1.4208 add at 1.4193 (target at 1.4188 missed by 1 tick on initial sell off move from new 6E highs). No change to remaining 6E targets at this time.
No change to ES trade and 6E trade pulled out last 1.4208 add at 1.4193 (target at 1.4188 missed by 1 tick on initial sell off move from new 6E highs). No change to remaining 6E targets at this time.
Ignored
Add back to 6E trade at 1.4225 with first target set at 1.4195 and all other targets remain. Final add to ES trade at 1280.25 with additional target added at 1274.00 level - all other targets remain -
Great Posts, Great Style, Great Management! Definite fan of your work.
Cumulative Delta for life!
Ignored
Thanks!
6E targets filled all the way down through 1.4166 level and holding last positions as runners (looking for 1.4136 or below for final 6E covers). ES missed targets at 1274.00 and pulled out that portion of position at 1276.00 - all other ES targets remain.
6E targets filled all the way down through 1.4166 level and holding last positions as runners (looking for 1.4136 or below for final 6E covers).
Ignored
Euro trade runners were covered this morning with the trade through the 1.4136 level - covered out trade at 1.4131 to go flat. Standing by in ES trade for next targets.
MF Global goes BK and down we go - final set ES target filled and holding last positions as runners (primary position trade objective complete). Now to see if I can get 1240's area tonight or tomorrow -
