ES Journal Archive (2006 - 2008)

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For those into such things, Bollinger bands on 5-minute chart now inside of Keltner channel ("squeeze indicator") suggesting a breakout ahead. Price action on 5-min chart flirting with upper BB and is holding above the BB midline (20SMA) and slope of upper BB is positive. All this suggests (but does not guarantee) an upside breakout ahead.

RSIs on all timeframes from 60min down are neutral (neither overbought or oversold) so offer no clue as to direction.

Price action for past hour has been confined to a neat upward trading range about 2.5 points wide. We are now at the very bottom of that trading range as I type this. If we break out of the trading range to the downside, I would interpret it as a bear flag breakout and be prepared for a move down to the 1544-1545 levels.
 
Quote from Spooz Top:

anyone looking for a measured upside move up would be 68/69 target.....a 24 handle move from 44.

conservative buy confluence @ 52/53.
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bot tic from lo 52.72 & 53....kicked 55.75/56 or @ the 50%

looking at next S @ 50.....47.....44 solid

still looking for objective of 68/69 to be hit ......then quite possibly 79/80.........looking for that swing lo spring board that takes us there.
 
Quote from Spooz Top:

bot tic from lo 52.72 & 53....kicked 55.75/56 or @ the 50%

looking at next S @ 50.....47.....44 solid

still looking for objective of 68/69 to be hit ......then quite possibly 79/80.........looking for that swing lo spring board that takes us there.
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Nice!
 
I don't think we will see any real conviction between today and Friday morning, therefore shorting R and buying S sounds good to me until the time comes and we finally see which side the market will choose for next week.

Anek
 
Quote from mbusch:

Short from 1553.25, close stop.
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Passed up the scalp looking for follow-through which never came. Out at breakeven on this trade, now flat. Anek may be right that today is sideways and scalping is the right way to play it. (I'm a little slow on the uptake.)
 
... should have turned to the next page after rule of ten.... the rule of nine page ....... curses.......
...edit... today action was very similar to friday
.... on friday there was a 50% retrace of the last up move ... and 61.8% in AH
 
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