There are two Elliott counts which seem most probable at the moment, and they both call for up prices in the immediate future.
BULLISH
BEARISH
Tuesday, August 10, 2010
Tuesday 8/10/10 wrap up
Pain in the --- market the last few days, not impulsive down but not impulsive up either, no real trend is evident. A break of the upper or lower trend lines in this ES chart will probably decide one way or the other:
There are two Elliott counts which seem most probable at the moment, and they both call for up prices in the immediate future.
BEARISH
There are two Elliott counts which seem most probable at the moment, and they both call for up prices in the immediate future.
BEARISH
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Al, welcome back from your business trip. I closed 25% of my short today at end of day. Sold 3000 HSD at 13.88. Paid 13.91 for .03 cent loss. Still leaning on the short side but ready to bail out and reverse to long on further up move. I have arguments for both directions. You must admit, even the longs are getting whipped lately. I thought I saw you add a long around 1109 today - Hmmm
ReplyDeleteI absolutely hate these sideways choppy markets, the only way to handle them well is to be on them full time which I can't do because of my other commitments. Went long yesterday (Monday) at high of day (terrible trade) and still holding that. Also added longs today @ ES 1111 and held them for a few hours but bailed on those about 20 minutes before the market took off this afternoon - all in all not my best trading the last couple days. Very difficult to call this market right know, my hunch is a stab up to ES 1140 area preceding a collapse.
ReplyDeleteSorry to hear you've been on the painful side of things, Al. You'll turn it around, just a matter of time. Like you say, you would have undoubtedly done better if you were able to sit at the monitors all day. Thank God my day job has been accommodating in that regard lately.
ReplyDeleteWell, I got the collapse part right but the timing wrong. Stopped out overnight last night for a loss on the long ES, currently sitting on the sidelines, will probably short a decent bounce. Very bad week for me, had a contamination issue with an ingredient in one of our apple packs (we make fresh sliced apples) and have just been scrambling. Sometimes it seems like everything goes wrong all at once - but time passes and so do the troubles.
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