ES Journal - 2017/2018

[Buy1Sell2]

Here is for educating the ignorants:

The two in your picture are definitely gaps.

 

[Zodiac4u]

There is a shot today for a huge upwards move today, but the cash chart is not quite ready yet. It may be soon ---we'll see.

Retraces of 38% or less are very bullish when they stand alone but with us revisiting this area again, I'm wondering if the daily is setting the ground work for a possible head-and-shoulders formation. Either way it is Bullish but just how much?

 

[Pekelo]

The two in your picture are definitely gaps.

Well, thank you for acknowledging facts.

Anyhow, when such a large and consecutive gaps are left behind, they act as a huge magnet for the price. Specially because it happened after a run up from 2520, so it wasn't like a break out gap after a longer consolidation. (like the one in Sept.)<<<price was in a 70 points range for 2-3 months before that.

 

[Buy1Sell2]

How does pricing overlap when there's 11 points difference that's not overlapping ?

Let's do it numerically from the yahoo chart you linked to before:

2/22 Low of day 2697.77 High of day 2731.26
2/23 Low of day 2713.74 High of day 2747.76


Thus the two days overlapped in pricing from 2713.74 to 2731.26. ---The opening on 2/23 was 2715.80 which was inside the pricing of the previous day so there is no gap.--In fact we pulled back a couple of points off the open on 2/23 putting the overlap further into the pricing of 2/22

 

[Buy1Sell2]

Well, thank you for acknowledging facts.

Anyhow, when such a large and consecutive gaps are left behind, they act as a huge magnet for the price. Specially because it happened after a run up from 2520, so it wasn't like a break out gap after a longer consolidation. (like the one in Sept.)<<<price was in a 70 points range for 2-3 months before that.

The gaps you show in your picture do not have overlaps with the previous day's pricing, thus they are gaps.

 

[Buy1Sell2]

We are struggling here right where I thought we would. --Around 2720. --Cash charting not ready just yet for upmove.

 

[Buy1Sell2]

If we get down to 2697---I will begin looking at shorting short term absent an obvious signal before that.

 

[Buy1Sell2]

Retraces of 38% or less are very bullish when they stand alone but with us revisiting this area again, I'm wondering if the daily is setting the ground work for a possible head-and-shoulders formation. Either way it is Bullish but just how much?

The question I think is when. I am staying long in my swing trade for now awaiting resolution.

 

[Buy1Sell2]

If we get down to 2697---I will begin looking at shorting short term absent an obvious signal before that.

Well, here we are-----let's see what sets up---- or doesn't here.

 

[Zodiac4u]

The question I think is when. I am staying long in my swing trade for now awaiting resolution.

There is a chance we can still revisit or come close to 82 and do a double tap and reverse, But you know how Head-and-Shoulders work, they can lean?