ES Journal - 2016

A stronger class A sell signal on the 15 now. It doesn't jibe with the 60 and 240 yet although 60 is attemping to form it's first sell signal since the hourly upside reversal.
 
The earlier sell signal on the 15 while not reversal did yield 10 points so one could have fit the classic 6 inside that. That's a good profit target on a 15, 5 or 1 countertrend trade.
 
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If using profit targets intraday (1 min, 5 min, 15 min), 6 points is a very good target. It was when market was much lower and it remains that way now.
 
I've seen this happen before, its a second order trendline.. it gives you the impression trend reversed when the first one breaks, but the price ends up following a parallel line that matches the first line.
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Buy1Sell2 said:
A stronger class A sell signal on the 15 now. It doesn't jibe with the 60 and 240 yet although 60 is attemping to form it's first sell signal since the hourly upside reversal.
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This sell signal Fri did carry us through the weekend and was good for 44 points from top to bottom without being a full blown reversal on the hourly and 240. Typically one would not have captured the entire move but there were definitely points to be made. Technical analysis works and it works well.
 
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