ES Journal Archive (2006 - 2008)

[saxon22]

I must say thanx to some traders' advice on this thread I have concentrated more on price action and .... the results are visible. I am more in the positive territory with my trades and no longer get stopped out .... as much. So for those who dispense quality education (which is a lot of guys, dolls on this particular thread), I salute you!

 

[Anekdoten]

Quote from princessa:

is it the second rise above this level (white circle) that you're looking for? (i.e., right half of the "w")

The confirmation is when the middle swing of the W bottom or the M top (white circle) is taken out by a closing bar.

Anek

 

[tomahawk]

Possible 'W' forming on the Dow right now ... 1:24 ET .

Edit: Actually, Anek, is it one of those M bottoms you were looking for?

 

[Spooz Top]

that 54 TL was a nice lo risk sell......took a meager 2 point profit on it just so i could get out of here & run some errands.

if we take out that 30 min TL.....i believe that wedge will come into play ..........looks like everyone i swaiting on non farm/jobs report before committing here.

B1....i too was also wondering about your uncle point "outside the noise" of course?

 

[mbusch]

Spooz, could you clarify the "wedge" you've been talking about. You posted a chart earlier but it didn't show a wedge, more of a symmetrical triangle or pennant. As I understand the terminology, a "wedge" formation is a triangle where both upper and lower trendlines slant in the same direction -- a "rising wedge" or a "falling wedge". By contrast, a "pennant" is a triangle where the two trendlines are moving in opposite directions towards one another. The difference is significant, as a "wedge" is usually a reversal pattern while a "pennant" is usually a continuation (consolidation) pattern.

In that context, could you clarify what you're looking at here? Thanks!

 

[tomahawk]

Quote from tomahawk:

Possible 'W' forming on the Dow right now ... 1:24 ET .

Edit: Actually, Anek, is it one of those M bottoms you were looking for?

Nevermind. ... looks like it's be breaking now, but here was the chart.

 

[Spooz Top]

Quote from mbusch:

Spooz, could you clarify the "wedge" you've been talking about. You posted a chart earlier but it didn't show a wedge, more of a symmetrical triangle or pennant. As I understand the terminology, a "wedge" formation is a triangle where both upper and lower trendlines slant in the same direction -- a "rising wedge" or a "falling wedge". By contrast, a "pennant" is a triangle where the two trendlines are moving in opposite directions towards one another. The difference is significant, as a "wedge" is usually a reversal pattern while a "pennant" is usually a continuation (consolidation) pattern.

In that context, could you clarify what you're looking at here? Thanks!

technically you`re right....a wedge is a rising or decending & eventually comes to an to an apex or coil.

i should rename it & call it a decending channel on that previous 30min chart i showed.....thanks for pointing that out as it is significant.

15 min right now would be a triangle that is coiling up & waiting to pop.(attached)

 

[mbusch]

Quote from Spooz Top:

15 min right now would be a triangle that is coiling up & waiting to pop.(attached)

To the upside?

 

[Spooz Top]

Quote from mbusch:

To the upside?

crap shoot right here.........trend is up overall ,imo but it would`nt surprise me to see that 30 min TL crack down to bottom of wedge to shake out weak longs right befor the # tomorrow.

right now i sold the TL at 52.75.....stop at 54.50 because the R/R is there.....hi/mid 40`s target out weighs 7 ticks.....i expect to be stopped being that the power is up ,imo.....but i accept it.......anytime i can skw odds in my favor i`ll take it.

edit: dow/Ym giving hints of a leg down........

last swing lo to 50 was a nice scalp buy of the 30 min.....but just missed it as i walked in.......i feel more comfortable being long down here than short.....but as long as risk is defined so be it.

 

[saliva]

My chart tells me that we're confined in a triangle. It's gotta pop one way or the other and it's prolly wise to just stay out until then.