Friday, March 6, 2009

ES 3/6

ES Daily
ES Hourly

Once we close below 681.5, I would take it that our odds of reaching 645 (fib ext 132.8) has become higher.
ES 10min
We are now trading within the range of the last bullish candle on the 10min. Within the day, I'm prepared for ES to test 688.75 - 703.5, although my view is primarily bearish.

Game Plan
Using mainly the 3min and 1min for scalping. Will go primarily for shorts at key resistance. Longs will be considered as price makes newer lows.

RULES
- Honor all stops
- No holding of any loss for more than the max pain set for the day - exit position once reason for getting in is no longer there.
- Be objective at all times and stay with what chart is doing, NOT what it has done and what I think it will do
- Be attentive to what candles are saying, especially on 10mins.
- DOJIs! DOJIs! DOJIs!

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