ES Journal - 2012

[Laissez Faire]

Testing the neckline on the globex H&S?

 

[JoshDance]

Quote from ActiveTrader07:

The price action is neutral at the moment in my opinion. Need to break 1373/74 or 1364/63 to have a directional move. In between is just noise.

Once buyers held 68.50 and it traded back up into 70s, I changed my opinion -- 73/74 is possible IMO now, though as you said the market is not in clear control by one side.

 

[JoshDance]

Quote from Trvlwanderer:

ping the trendline.

g. d. it, I hate trend lines.

 

[Laissez Faire]

Quote from JoshDance:

g. d. it, I hate trend lines.

What happened to observing price working in the diagonals of the market?

 

[ActiveTrader07]

Quote from Laissez Faire:

Bearish wedge on the 5?

I am not saying the wedge won't breakdown, but any bearish ideas has not work well since the beginning of the year unless you have prefect timing or average in like ammo does.

 

[ammo]

heres what the scalpers are up against... http://www.hftalert.com/02282012/02282012.html it 'll work til all the scalpers are chopped up and then it'll cannibalize itself

 

[sttrader]

Short at 71.5 for a swing. Will add higher up. Target 1322.

 

[Trvlwanderer]

Quote from JoshDance:

g. d. it, I hate trend lines.

me too. but they have been my steady (performance wise) setup for the past several weeks.

continuously repetitive patters with easy trade parameters. If they bust, they bust....the stop is usually easy to determine as is the target.

The 3rd solid touch is the one to use caution and a wider stop with.

For example..... vicinity where we are now. flat and watching for a break and resumption (if possible).

 

[ammo]

or this alltime break above and now we need a close below for a failed breakout..trendlines are here since eternity ,except em

 

[Laissez Faire]

The problem with trend lines is that they lack precision, are subjective and work as often as they don`t.

But yes, they are definitely important to look at and the important thing is what a rising trend line is telling you: buy the f**cking dip you fool.

With a falling trend line it is telling you: sell the f**cking rally, stupid.