Afternoon Move

N

nwbprop

I have attached a picture of what I have on my trading screen. I circled the pennant that we are currently stuck in. If we break the pennant formation, i think we will get a real nice move. OF course, You never know. Just thought i would give a heads up of what I think may come. Its a 60 min chart.

I am wrong on occasion:cool:
 

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Quote from nwbprop:

I have attached a picture of what I have on my trading screen. I circled the pennant that we are currently stuck in. If we break the pennant formation, i think we will get a real nice move. OF course, You never know. Just thought i would give a heads up of what I think may come. Its a 60 min chart.

I am wrong on occasion:cool:
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It sounds like an intelligent play. Already 2 to 1 advancers vs. decliners. If oil breaks alittle more, things could get rolling on the upside. I'm looking at the XMI chart, and it needs to get close to 1040 today to keep the upward momentum alive.
 
Quote from nwbprop:

I have attached a picture of what I have on my trading screen. I circled the pennant that we are currently stuck in. If we break the pennant formation, i think we will get a real nice move. OF course, You never know. Just thought i would give a heads up of what I think may come. Its a 60 min chart.

I am wrong on occasion:cool:
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Thanks. But it looks a little bit complicated. Why do you all those indicators?
 
Quote from mauditebest:

Move is unfolding...
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I didnt think that it would start during midday. Therefore i am more prone to thinking its a failure to BO.
 
Quote from icarus618:

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looks and feels like more of a top. Volume has stalled. I will probably get short if it breaks that right side line you have their that we are riding. Otherwise, still holding long.
 
The same formation I posted for the ES also occured in the INDU. The only difference is the INDU DID NOT break the pennant to the upside. Another indicator of a probable FBO in the ES.
 
Quote from nwbprop:

looks and feels like more of a top. Volume has stalled. I will probably get short if it breaks that right side line you have their that we are riding. Otherwise, still holding long.
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