Here is a RSI on 1 min. All I can assume is that you were looking at a 'premature' grail formation. 11.10-11.15 price goes from 81.50-80.50. That's the only logical explanation. I can't think how a pattern would change after 11.15 bar close. If you saw a grail between 11.00-11.15, then this would be understandable.
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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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My view on the 3 day chart of $SPX.
Beginning of a possible short grail. 1360 reaction low. Blue trends (daily) & pink (monthly). I would say the validity of this possible short grail (TM B1S2) is dependant upon price breaking and closing below 1360 (cash), that's also being an area where daily low & monthly high trend lines collide. An obvious target would be 20ma and/or a reversal pattern. MACD does not offer anything at this stage, but from observation I would say that MACD cross follows RSI grail quite a bit, there seems to be certain latency in MACD in relation to that RSI pattern. So another signal for a short would be in a MACD cross. CCI looks like is about to provide a similar short grail. Although this is still a bull market according to weekly, a break and close below 1260 cash would indicate a possible end to the current bull mode. IMHO.
Beginning of a possible short grail. 1360 reaction low. Blue trends (daily) & pink (monthly). I would say the validity of this possible short grail (TM B1S2) is dependant upon price breaking and closing below 1360 (cash), that's also being an area where daily low & monthly high trend lines collide. An obvious target would be 20ma and/or a reversal pattern. MACD does not offer anything at this stage, but from observation I would say that MACD cross follows RSI grail quite a bit, there seems to be certain latency in MACD in relation to that RSI pattern. So another signal for a short would be in a MACD cross. CCI looks like is about to provide a similar short grail. Although this is still a bull market according to weekly, a break and close below 1260 cash would indicate a possible end to the current bull mode. IMHO.
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Quote from 4re:
Hey Romik,
Just wondering if you are still holding those shorts you bought a while back? I haven't been keeping up with the ES lately but every once in a while I do check it out.
Gary
Hi Gary,
Yes, I haven't added though, still 40% in. I couldn't exclude the possibility of breaking 1400 mark and wanted to see price action near that level. I think if I add now, it will have to be at a lower level, based on my 'scribbles' above. What's your current set-up with the Qs? Looks unclear to me, below $43 resistance, though above lower trend line.
I was kind of expecting the ES to hit 1400 before the election. When it stalled the week before I knew it was in trouble. That is also when I got out of my Q's trade. I no longer had my hedge to the downside so I just took the profit and ran. Right now I have a straddle on INTC going. Expecting it to go down but have some OTM calls just in case.
What makes you think INTC is going down?
Quote from 4re:
I was kind of expecting the ES to hit 1400 before the election. When it stalled the week before I knew it was in trouble. That is also when I got out of my Q's trade. I no longer had my hedge to the downside so I just took the profit and ran. Right now I have a straddle on INTC going. Expecting it to go down but have some OTM calls just in case.
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