we pearced the daily support line (black) and are now trading above it. however, we are almost an ATR from the low of premkt. i will stick trading the channel in blue until it closes above the resistance.
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ES Journal - 2012
- Thread starter Buy1Sell2
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long 1394.
The way I am looking at this market is that -
Intermediate term trend is lower, however the price today has made a very clear low in the morning and has strongly bounced back, so the possibility that we will end up higher for the day from here also is fairly significant. I basically have a long bias, the only thing to worry is intermediate term downtrend - but my assessment here about the direction of intermediate term downtrend could be wrong, and today might be the day when we go and settle above 1400.
Atlest the price action today smells of the higher bias, especially the sharp way in which we bounced from the morning low. So i will keep my bias for an upmove and new highs for the day.
The way I am looking at this market is that -
Intermediate term trend is lower, however the price today has made a very clear low in the morning and has strongly bounced back, so the possibility that we will end up higher for the day from here also is fairly significant. I basically have a long bias, the only thing to worry is intermediate term downtrend - but my assessment here about the direction of intermediate term downtrend could be wrong, and today might be the day when we go and settle above 1400.
Atlest the price action today smells of the higher bias, especially the sharp way in which we bounced from the morning low. So i will keep my bias for an upmove and new highs for the day.
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