This is why I'm a chump.....

Hello Chump Fans! Sorry I've been gone on a long hiatus but, I will try and be good going forward about posting some ES goodness.

Starting with today, as you can see on the chart, I was watching diligently an entry point at around 1222 ES which corresponds with the 50 % retrace of 1370/1170 for an entry. I hesitated and ADIOS MUCHACHO! RSI had flat-lined, MACD neared a cross, and I didn't pull the trigger.

I ended up getting in at 1227 and making 1 point to 1228 as it stalled and then of course it went through up to 1230.

Lessons learned:
1-Don't be a chicken at clear support
2-Entry point is so important in short term trading -- get a good fill and you don't have to sweat it out!
3-The trend is your friend. Consolidation favors the market direction in this case LONG.

More Symmetry?

It appears that the market is playing out exactly to my plan. It is a shame that I don't possess the cohones to trade on my conviction but, at least I have the guts to share my thoughts with the world! Anyhow, with the pre-market trading down to S2, I don't see much more downside for the day. I project we hang out between S2 and S1 for the remainder of the day, to set up for a rip overnight or tomorrow back up to 1130. This would flush out the shorts AGAIN but, also set us up for a test of the 200dma and gap at 1110 next week. See chart below.

















[EOD Update: 4:42pm]

Two days in a row. I'm dead on! This stuff is easy, huh? Not quite. Anyhow, we got our drop and our bounce and the next drop all in one trading day---that's a lot of action. My thoughts for tomorrow is we make a marginal new low and bounce around a little staying below the 1124-1125. Then, baring a Monday rally, we should see some modest selling.