After looking at the 60 min chart, looks like a nice basing pattern is forming for a possible move up today. Today might be the day we see an up day !!!
I'm not putting my money where my mouth is yet though.
yah yah 95% don't make it, I believe that and its been debated millions of times. here's my 2 cents.
1) most people don't have an edge.
2) since they dont have an edge, they lack discipline
3) W/o discipline they can not define their risk management and money management...
Based upon the daily ES chart, the candle looks like we are due for another down day.
The action tonight looks as if we might get all of that 'down action' tonight, rally up tomorrow, and lose all those gains and then some in the afternoon.
1) 3-6 trades per day
2) 5-20 mins per trade (average is around 10)
3) ES
4) 1.5 - 2.5 pnts w/ a r:r at least 1.5 : 1 or else no trade.
5) 5,15 and 60 min TF's and 1 min TF to get an exact entry
Indicators: Moving averages, price, and volume
I also agree w/ the OP. This was my original thinking.
But since we all know that it is going to drop, even though it is supposed to pop.......perhaps that means a triple reverse is in order, and it will indeed go up :)
http://www.elitetrader.com/vb/showthread.php?s=&threadid=34084&highlight=volume+chart
Was searching really this difficult for you ?
Maybe you shouldnt even bother reading. It might be too difficult for you.