ES Journal Archive (2006 - 2008)

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What's your view on the 240 TF? I have initiated a short position yesterday (with 1/4 max) as expecting more upside towards 70, before adding. But 240 does seem to give good shorting signs at the moment IMO, both in MACD and RSI. Don't really want to miss a short opportunity here with just a 1/4 position. Where does divergence on 240 normally take the price in your experience, considering the daily as well?

Thank you.
 
Quote from romik:

What's your view on the 240 TF? I have initiated a short position yesterday (with 1/4 max) as expecting more upside towards 70, before adding. But 240 does seem to give good shorting signs at the moment IMO, both in MACD and RSI. Don't really want to miss a short opportunity here with just a 1/4 position. Where does divergence on 240 normally take the price in your experience, considering the daily as well?

Thank you.
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240 and 60 are both bearish and the 5 minute mini upside reversal is for the moment over. The possibility exists here for a failure swing on the 5 minute chart and a full upside reversal, but that is extremely futuristic viewing at this moment. As far as how far the 240 takes you, it could be 10 -15 pts or more. You just have to let the market tell you when to get long again.
 
Quote from Buy1Sell2:

yes--I would be careful with the 240 short just now.
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I would have liked to take short position to 75% around 1370 anyway, only 1/4 short now. Thanks for the warning.
 
Attached is the weekly ES chart for the week ended today. There is only one conclusion that can drawn at this point. Does this mean there won't be shorting opportunities on shorter term charts? No, but right now it would benefit traders to trade in the long direction predominantly.
 

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Have you ever experienced a change in the curves of an oscillator? On Friday 240TF was showing pretty much equal peaks in the HIST, though now second peak is about 1 MACD point higher :confused:
 
Quote from romik:

Have you ever experienced a change in the curves of an oscillator? On Friday 240TF was showing pretty much equal peaks in the HIST, though now second peak is about 1 MACD point higher :confused:
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I had roughly the same experience . It happens from time to time when the price data is revised from the source.
 
Quote from Buy1Sell2:

My 1320 secondary target is getting very close. I believe there will be a bit of a pullback at some point as the 240 and the hourly are initiating patterns that have in the past produced downside. I still hold 1360 as my longer term tertiary target.
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Now that the 1360 target has been achieved (see above quote from 09/04), I would say that the charts point to a 1400 test within the next two months. Trade from long side for the most part I would say. :)
 
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