Afternoon Move

Quote from nwbprop:

Out and sidelined at 1107. Could you please explain you reasoning for a nice short setting up for tomorrow?
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When Tuesday reverses on a large range day and makes the highest closing price in four days, there's a 70-80% chance the move will reverse on Wednesday.
 
The short will be large (like 15 points) if there is a close below 1105. we will be looking at 1085. otherwise we are looking like 1114
 
Quote from SPTraders:

The short will be large (like 15 points) if there is a close below 1105. we will be looking at 1085. otherwise we are looking like 1114
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My projection for a short is 1110-1112
 
Quote from icarus618:

Exit on FTT. Could reverse and pick up a few pts, but I'm taking off early. :cool:

Fun day.
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I have never seen such a mess, what on earth are you looking at
in your chart?
 
Quick reminder - potential resistance is at 1462 in the NQ, 1117.00 in the ES. If the market gets up to within 0.5-1 points (1-2 on NQ) of these levels, that is likely to be a reasonable spot to take profits on daytrades.
 
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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great call , amigo! And check out the 1st ET member to immediately step up to the plate and back you up on this thread!
 
Quote from Dr. Trader:

great call , amigo! And check out the 1st ET member to immediately step up to the plate and back you up on this thread!
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Lol Dr. Trader. Thanks for the kind words. I only ended up getting 7 pts out of the 14 pts that where offered in the afternoon. I should have held as their was so much momentum on the longer timeframes(rockets).

I have attached a picture of the resistance i think we may have just hit. What will happen next IF we do not break the resistance where the arrow is is another push down to the lower side of the lateral trend.
 

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