ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
- Start date
- Status
B1, I think the divergence has been and gone for today at least, I played the 5 min one for a couple of points, as you said earlier and I agree 5min and less fewer points in the bag.
On the other note I think we will go as low as 1247-50 today, we are already -10.50 and have been lower and 900k+ contracts exchanged already, I don't quite see a sustainable upward move in the afternoon, but that is a gut feeling though, otherwise I'll be long @ 63 and short @ 57 ( 1-3 point plays).
On the other note I think we will go as low as 1247-50 today, we are already -10.50 and have been lower and 900k+ contracts exchanged already, I don't quite see a sustainable upward move in the afternoon, but that is a gut feeling though, otherwise I'll be long @ 63 and short @ 57 ( 1-3 point plays).
Just taking a gander at the 15 minute chart and although the histogram is much larger than I like, it could be argued that this was a bullish divergence from the recent large trough yesterday at 3:45 PM. The divergence on today's chart occurred at at 12:15 and the price was 1260.50. Again, the histogram was larger than what I like, so I am on the sidelines still looking for a better looking divergence. It's possible that the 5 minute chart coud be traded on divergence for 2 or 3 points normally and the 15 for 4 or 5 in general. A trader could perhaps set their profit target there for those frames. Of course, occasionally one of those is the beginning of the big move and you could confirm that perhaps with the 60 minute chart.
Quote from BoyBrutus:
Yes very interesting. Please post some more of your fib numbers Murray so we can follow.
I'm not a Fib man, but this might be interesting to you.
http://www.deltat1.com/DailyNotes/fibonacci.htm
- Status