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Nah, not touching any shorts anywhere today here. Bid is still too strong. Can't short by my rules until at least gap fill at 1368(50% retrace), and I don't trade the last 30 minutes so it's too late. Cyall latez...

Curious, what level did you short? If you shorted 1363-4 you may have nailed it perfectly. There was a giant "potential reversal" signal there in the shorter term, but in the larger picture there is a divergence forming up. See attached.

Well... The market internals are pushing. I sure ain't shorting nothing until gap fill. :/ Either that or a downtrend... Or a drop in the tick average back to the neutral area. You can see my most recent trade setup on this chart.

Good move... I have been stuck chasing dips and shorting divergent tops. I kinda expected around 1352.50 as a bottom, not 1354. What screwed me up is we never had a NYSE Tick capitulation... Not even a single tick under 900 in that downtrend!!!

He didn't have a position. I'm sitting here waiting to see if we get any buyers off 1352.50 to scalp a couple longs. But really, were most likely heading for 1334 before any real rally and playing bounces in a market falling like a rock is going to be tricky.

Id prefer if we were down around 5-10 handles by morning. Increases the odds of a good gap fill rally that is actually tradeable. ;)

It's best to trade the ES long only and not short anywhere unless you really know what your doing. The S&P rises steadily most all of the time and and always finds support easily during intraday correction moves. The market rises 80% of the time. It falls 20% of the time. It just happens...

The long/short ratio difference contributes a lot to forex behaving differently in my opinion. Equities move in long uptrends followed by fast selloffs.

You guys should take a class in chaos theory. It's very interesting stuff. We have discovered that there is no such thing as "random chaos." Things that we think of as chaos... Crowd movement, traffic patterns on highways, and etc... All things we use to think were chaotic and random actually...

Yep, from what I have seen it hovers somewhere between 60 and 80...

Maybe I shouldn't be so paranoid of gaps. Those short signals on that downtrend would have paid off... Plus in the bigger picture we were in the sell zone. Meh, whatever... More handles and better trade setups another day. No trading in the last hour is an old but good rule.

Anyone who knows ANYTHING about divergence definitely wouldn't be shorting anything today. I was hoping for a quick lows retest to get in for a big long trade today but it never happened... This should help that last poster understand what types of "patterns" are actually useful. Multi...

Yea, pretty much... These patterns like this that get taught to retail traders are what I refer to as crapshoots... http://www.investopedia.com/articles/technical/112601.asp#axzz1rZPBRab5 The ES right now is getting quite slow in it's rise... My technicals are telling me the odds of...

Trend, support, and resistance are the most important. Patterns are unreliable. The only pattern I pay attention to is "divergence" and I don't even call it a pattern. Just a slowdown in a trend...

They are not in my book. They are just a slowdown in a uptrend as price is testing resistance, or a slowdown in a downtrend as price is testing support. I am pretty sure this thread was about recognition of non-technical indicator patterns, just standard price patterns, and key reversal...

Patterns are not very useful. Don't bother to think about them. Divergences on the other hand are quite useful...

If they raise taxes that much everyone who can get out of the country is going to get the hell out and escape to Singapore or somewhere. Even if you can't get your money out... If you are highly skilled/talented in some way you will be able to find a semi decent country to let you in.

LoL... Recognizing patterns is not necessary for successful trading. IMO spotting patterns is not a very good way to trade either. Trendline breaks, wedge breakout/breakdowns, head and shoulders... Etc... Not a very high odds way to trade. It does work though if you follow the rules of...

Okay... It seems like nobody cares for this thread and rated it one star. I'm discontinuing it as keeping a stupid journal makes trading more stressful. LoL! My trading late today was worse than expected... I got clipped once again miss-timing the bottom... Ended the day exactly 4.25 points...

Things were going good then got clipped... For some reason I was expecting a continued runup to the minutes off that divergence low... Blah. Guess I'm a little bullishly biased right now. I was thinking "Meh, one light downtrend signal... The market shouldn't break. This is just a temporary...