ES Journal Archive (2006 - 2008)

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As mentioned in yesterday's comment, the sharp rally has signalled the bottom of the "double-three" correctional pattern that has been in place since late November.
(A-B-C-X-A-B-C ).


The confirmation of the low will be a close above the 1447.95 level today. Should this occur, it would suggest that the market will enter 5 to 8 day rally. The target for this 5 to 8 day patter is the 1461.20/1464.35 levels. The intermediate pattern suggests the market should reach a minimum of 1478/1491 in the next 4 to 6 weeks.
 

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Quote from osorico:

With all due respect, I think basing RTH trading on premarket is nothing but a crap shoot. Not saying profitable trading can not be achieved pre market, but unless SPECIFIC information accompanied with SIGNIFICANT and SUSTAINED volume in premarket, premarket is not useful, jmho
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This subscriber actually seemed to have developed a technique of using pre-market data to determine whether the day would be trending or trading range.

I honestly can't weigh-in one way or the other on whether it works or not.

range vs trend and how to predict it

JJ

edit: He actually had another thread where he might have gone into the technical aspects of his trading a bit more. If you take a look I'm sure you can find it.
 
Quote from Landis82:

As mentioned in yesterday's comment, the sharp rally has signalled the bottom of the "double-three" correctional pattern that has been in place since late November.
(A-B-C-X-A-B-C ).


The confirmation of the low will be a close above the 1447.95 level today. Should this occur, it would suggest that the market will enter 5 to 8 day rally. The target for this 5 to 8 day patter is the 1461.20/1464.35 levels. The intermediate pattern suggests the market should reach a minimum of 1478/1491 in the next 4 to 6 weeks.
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Interesting post

I'll have to keep an on this one, as, if what you're saying is true, the last of the Bears might get their final goring and this baby can start to fall.

JJ
 
Quote from Lance Carson:

Long from 1451.50 Target 1458 , reached in 12 mins
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You sure must have a fast trigger finger. The entire Ask @1451.50 was taken out in literally 2 seconds.
 
On the subject of the pre open.

All I do is watch the pre open on the T&S (>99 filter) and the screen.
If it is a crap shoot as has been suggested , then this morning was a busy crap shoot and I was in good company on the bid.

But then I dont hold any opinion of the market at any time.
Either it is coiling to go long or coiling to go short, or it is sleepy.
That is the 10 year sum extent of my knowledge.
 
Quote from trendy:

You sure must have a fast trigger finger. The entire Ask @1451.50 was taken out in literally 2 seconds.
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Nah, he probably got in right before the blast off, it's a nice pattern if you trade'em.

JJ
 

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Quote from JimmyJam:

Nah, he probably got in right before the blast off, it's a nice pattern if you trade'em.

JJ
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Looks like a classic bull flag to me. You could have easily put a 6 point target on it.

Have fun everyone,
Gary
 
Hi JJ;

Of course some believe they have an edge in RTH using premarket data.

I am in the camp that believes in order to successfully benefit from premarket data in RTH, one must determine premarket, whether futs or cash will lead the day or at least some part of the trading day). Since cash market is not available premarket (or ah for that matter), it is critical that other premarket price level confirming data are used. And even then when cash opens odds shift. Predicting cash or futs lead for any given trading day is just that, prediction. jmho
 
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