ES Journal - 2013

i don't think DOW topping above 16k coupled with touch of the line 00' high / 07' high is coincidental. if you believe in megaphone patterns, broadening tops...this is the 3rd touch. sure it could keep bumping up against the line and could even present a blow off top but at least it is a reference. the scary part is the downside if it plays out. i am not short fwiw just a birds eye view of what i am seeing.

economy is fine and the numbers show it. feds have no reason to keep pumping the pig and they know it. wonder what excuse they will come up with to keep the spigot open.
 

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Quote from mastacoli71:

i don't think DOW topping above 16k coupled with touch of the line 00' high / 07' high is coincidental. if you believe in megaphone patterns, broadening tops...this is the 3rd touch. sure it could keep bumping up against the line and could even present a blow off top but at least it is a reference. the scary part is the downside if it plays out. i am not short fwiw just a birds eye view of what i am seeing.

economy is fine and the numbers show it. feds have no reason to keep pumping the pig and they know it. wonder what excuse they will come up with to keep the spigot open.
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Guys dont get it, without the backup of a trend your lines are worthless, the edge is non existant or insignificant at best. Lines, patterns, channels have a reactional edge if you can converge them with a trend, if you dont, you got dick...but ET keeps insisting.
 
Quote from RedTankEra:

Guys dont get it, without the backup of a trend your lines are worthless, the edge is non existant or insignificant at best. Lines, patterns, channels have a reactional edge if you can converge them with a trend, if you dont, you got dick...but ET keeps insisting.
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Read my post again. No need to get your underwear in a bundle.
 
Quote from gmst:

Awesome trading there....you sure taking a short is a good trade here evenif your research and your trade setup suggests a short is in order, given the fact that this is time for the Santa rally to start?

Maybe in light of santa rally, its a good idea to slightly modify the trading plan and instead of taking a short at 1806 and another at 1822. Maybe get long now with a target of 1822??? Just saying...
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Nothing is for sure, gmst. But now that I'm filled on my entry position, I'm certain the market will continue to move up and down (for sure) :-)
 
Quote from RedTankEra:

Guys dont get it, without the backup of a trend your lines are worthless, the edge is non existant or insignificant at best. Lines, patterns, channels have a reactional edge if you can converge them with a trend, if you dont, you got dick...but ET keeps insisting.
More...
check the 08 high on nooodles chart, trends turn
 
Quote from ammo:

check the 08 high on nooodles chart, trends turn
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Sure they do, and this one will too, but when we examine techniques for edges it is wise to go by thousands, if possible tens of thousands of samples, not just "check the 08".

For what is worth, I did go through the trouble.
 
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