Can you read a chart?

LONG.... b/c its ES

Minor pullback before testing the previous intraday high, and looks like it has the legs to go ahead and go for a test of the prior close.
 
Quote from apex82:

Weak longs washed out on the move down that made new lows, all amateur traders went aggressive short with stops above the most recent highs. Bigs rode it up stopped out the shorts and sold into the breakout longs. All is left now is sell stops below the market and no buying demand except for some aggressive scalpers. At this point way more supply then demand. Hence the market makes a quick bounce and a sharp move down or the bigs just keep selling into the pullback without waiting for a small bounce wanting to buy back at lower prices. I would like to see if there was some volume spikes at the highs, as this would make it a higher probability.

The more I look at it, it is almost a blind guess at this point. Say if the market is trending up and this the first good pullback I would definately say we have another move higher before retesting the lows. However, if the higher timeframes have been selling off and the previous data is just a bull move in a bear run then I would definately expect a retest of the lows from this point.
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It did in fact trade higher over the next five bars, after a few ticks lower as you predicted. Nice call.

http://www.ttrader.com/mycharts/display.php?p=41604&u=wareco&a=Wareco's Chart Reading&id=1774
 
A move up over the next bar or so and then a move down. The reasoning is because that is how I would trade it if I had to.
 
Quote from wareco:

Anybody interested in continuing, or do we drop it?
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even though I'd like to see more time and indicators on the charts, I like the thread you started, how would you like to make these some real trades and make some money off them, if you don't mind i'll put up a few charts of amln a stock I traded recently and the options moved great , it has pulled back and i'm looking at it again, heres a 60 day 60 minute and a 1 year, would you trade it

http://i18.tinypic.com/2uo2tmf.gif

http://i18.tinypic.com/2rxcupx.gif

http://i5.tinypic.com/2vj7u3s.gif

i'll start this in a different thread if don't want do this
 
Quote from joepepper2001:

even though I'd like to see more time and indicators on the charts, I like the thread you started, how would you like to make these some real trades and make some money off them, if you don't mind i'll put up a few charts of amln a stock I traded recently and the options moved great , it has pulled back and i'm looking at it again, heres a 60 day 60 minute and a 1 year, would you trade it

http://i18.tinypic.com/2uo2tmf.gif

http://i18.tinypic.com/2rxcupx.gif

http://i5.tinypic.com/2vj7u3s.gif

i'll start this in a different thread if don't want do this
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Just took a look at amln. Looks real nice for a conservative entry for a move up to retest the 42 area and possibly a move up to 44.80 The only nuance is that it is coming off a DT. Entry would have been better at 38 on the retest but it still looks good to me.
 
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