ES Journal - 2016

[FreakofNature]

no

That's convenient.

 

[Buy1Sell2]

That's convenient.

There is no reason for a lower low to be made for a short term top to be completed. No reason whatsover. It was a day trade/swing trade top that currently could have been traded for 15 points. Folks here are day trading so that 15 was well within the parameters etc.

 

[Buy1Sell2]

That would be like saying "We need to print below 666 in order to declare a trade-able top in the market"

 

[Buy1Sell2]

In addition, if you look at short term charts like the 5 min, new lows were made.

 

[der_kommissar]

Dont we need to make a lower low, for it to be the top of the move?

It seems to be a bit of a technicality...May 2 & May 10 were also one day wonders...That's not to say that they were THE top, but the market quickly sold off over the following days, chopped lower, then spiked right back up again...This is a controlled, rolling chop lower that continues to squeeze both sides of the market.

 

[Zodiac4u]

In addition, if you look at short term charts like the 5 min, new lows were made.

"This idea has its flaws and not worth betting the farm on" for increased probabilities certain details have to be present.

 

[FreakofNature]

It seems to be a bit of a technicality...May 2 & May 10 were also one day wonders...That's not to say that they were THE top, but the market quickly sold off over the following days, chopped lower, then spiked right back up again...This is a controlled, rolling chop lower that continues to squeeze both sides of the market.

I like your explanation, thank you.

 

[der_kommissar]

Granted everyone looks at charts differently...but I think this illustrates just how minimal the angle of descent has been...a perfect environment to set traps constantly and very difficult to hold for any significant period of time...

 

[FreakofNature]

In my book, now it was the top, good call B1S2

 

[I Know You]

Great call Izzi