ES Journal Archive (2006 - 2008)

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looks llike they`re going to give us 44/45 confluence on a 15 min coast to coast move off 15/30 min wedge/sell bars....nasty ones at that.
buyers need to step up there which i expect they will.

overnite lo tested at 48.00
 
Quote from Pekelo:

True and thanks for the chart. But some of us greedy bastards like to go long earlier, right at the double bottom. In today's example there was 4+ points to be made. Had we waited until it passed the middleswing of 1549.50, the points to be made would have decreased to 1.5-2 pts...

So my point was with the desribed pattern that when the double bottom fails, don't panic just hold on or even average down and there will be a forceful spring effect rallying back up...

The depth of the last drop usually equals or less than the hight of the middleswing....
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The failure rate if you wait for confirmation is much lower, as low as 3% in fairly normal markets.

It is true that if you buy the actual "support" you get a better fill but without confirmation there is a strong possibility that you are actually buying a falling knife.

As far as adding as it goes against you, meaning as it breaks support, that's a huge no no in my book.

I'd rather take my quick stop and wait for new confirmations that it was an actual fake.

Anek
 
Quote from Anekdoten:



I'd rather take my quick stop and wait for new confirmations that it was an ***actual fake***.

Anek
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intraday price action can be just as frustrating/confusing as a female :)
 
Quote from Anekdoten:

The failure rate if you wait for confirmation is much lower, as low as 3% in fairly normal markets.

It is true that if you buy the actual "support" you get a better fill but without confirmation there is a strong possibility that you are actually buying a falling knife.

As far as adding as it goes against you, meaning as it breaks support, that's a huge no no in my book.

I'd rather take my quick stop and wait for new confirmations that it was an actual fake.

Anek
More...

In trending markets, absolutely. On Monday, absolutely. In choppy, meandering markets like ES Tuesday on, not really.
 
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