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After a day like today, what does the midnight rally crowd expect? Are we going higher, or do we get a PB?

Markets almost exactly where I left it a few hrs. ago. On the short term chts. this seems to be developing a nice long base. Usually that's potential for another leg up.

Logic says you're right. And I'm waiting for it. I've got to run out for a couple of hours. I'll probably miss it.

Right now it looks like we may get another bounce off of the 20EMA

Then we should be selling now. By the way I do agree with your rule of 10 depending of course upon the strength of the market at that point.

Right now I would love for it to PB a couple of pts. or at least consolidate at this pt.

I've gotto run. Have a good weekend everyone. Talk to you on Mon. 4RE: I haven't read his book, but would be interested in what he's saying about FLAGS. Alex

K.I.S.S. I'm sure you know what that means. Which MA in which TF may be a bit subjective. Using today as an example for short term trading. If you had used the following: 100 ma for the 3 min. 50 for the 5 min. 20 for the 15 min. 10 for the 30 min...

What it all boils down to is, what your comfortable using. In this business there is no right or wrong. It's what works for you. Unlike what people may think, it's not an easy business. You're working for every penny you make. I wish I had a nickel for those that have tried to make a...

I also use chart patterns, primarliy pivot points, which I find, depending upon the TF will bounce off one of the MA's. Using today as an example. I've attached a 5mn. chart. You'll notice that the 50MA (red) became my resistance level. Today, each pivot point bounced off the 50. At times...

Thanks for clearing that up. Yes I agree. To me it acts as a guide. Depending upon the power of the move, it will either hold temporarily, reverse or pass right thru. I do find though, that more often than not there will be some sort of a pause similiar to using the MA's which I use more...

I don't quite follow you romik. I use them as a guide but I don't depend upon them. What I'm not clear on is your statement. If I were trading using S/R they would be relevent, because that's were I would be looking for my reversal. What am I missing? Alex

It's been a good and interesting week. Closed out with a final 2.5 pts. out at 1244.5. We're sitting on a support here, so the million dollar questions is, will it hold. Must study the charts to see if I can get any direction. But, with just a quick look and I can't hang my hat on...

Thanks. I have no idea what was going wrong. I did this the same way as the others that I tried.

Lets see if this attachment comes up.

I don't expect the mkt to turn dn., but I do expect a PB to at least 1257, which would be to the 50EMA on the 15 mn. I just picked up a couple of those pts. Sht. @ 1266 out @ 1264. I could have held, but I don't like holding overnight if I can help it. I'm still trying to attach a chart...

Had to be out since my last post, but looks like I didn't miss very much. Although it doesn't matter to me which way the ES moves, after a run like today there has to be some sort of PB. At this point I'll just sit and wait. Was a good morning, I have no intention of giving anything back if...

Having touble attaching chart. Don't know why, but can't attach chart. I've got to go now. Will try later.

Was able to pick up a quik 2 pts. Watching to get in again for more. Waiting to see what the mkt thinks of Bernanke. The divergence that I had on the 3 & 5 min. CCI started earlier this morn. I use the 40 & 20 period CCI's. At around 7:00 AM the 40 CCI was over 400. That's a pretty high...

It's been a nice run this morn. Now it's time for a PB. CCI is diverging on shorter TF's and at 400 - 600 on longer TF's. There has to be at least a PB to the 50EMA.