ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Absolutely clear, isn´t it, JSSPMK ?
I notice lots here use fib levels. Do you guys think this adds to your analysis and how? I just started pulling them up for nq and it has been helping, but I dont know how much is just pure dumb luck.
Also, I havn't had time to read far enough back, but I remember some people using pivot points as well earlier on. Can any of those people give me a read on the pivot points tomorrow for ES. I'm trying to see if ninjatrader with my data feed is getting them correctly.
Thanks guys. GL tomorrow.
Also... I know how weak the ES, YM, NQ are right now but how about the ER2.
I also position trade and was wondering what you all think about the hammer on the russel today.
Also, I havn't had time to read far enough back, but I remember some people using pivot points as well earlier on. Can any of those people give me a read on the pivot points tomorrow for ES. I'm trying to see if ninjatrader with my data feed is getting them correctly.
Thanks guys. GL tomorrow.
Also... I know how weak the ES, YM, NQ are right now but how about the ER2.
I also position trade and was wondering what you all think about the hammer on the russel today.
Here's the image (woops)
... the low was 61.8% exactly.... from august low to the high....
...looking for more than 78.6%....
http://www.mypivots.com/dn/?symbol=41
.... on spx.... from 1520.77 ... 423%
... and from 1552.76 .... 261%
... match up..... at around 1389
... that is just beyond my pattern target ... so seems like a reasonable target at this point....
... unless we rebound from here....
.... edit... oh also.....the august low was a 23.6% retrace from oct '02 low ....
... a 23.6% retrace now would be 1385....pretty close to 1389......
....fun stuff ....
...looking for more than 78.6%....
http://www.mypivots.com/dn/?symbol=41
.... on spx.... from 1520.77 ... 423%
... and from 1552.76 .... 261%
... match up..... at around 1389
... that is just beyond my pattern target ... so seems like a reasonable target at this point....
... unless we rebound from here........ edit... oh also.....the august low was a 23.6% retrace from oct '02 low ....
... a 23.6% retrace now would be 1385....pretty close to 1389......
....fun stuff ....
Fibonacci is a very useful tool, especially so in trending markets, I know for a fact that Leo Melamed at least used to use it.
As far as pivot levels I put value in daily pivot and S2/R2. For example whenever price fails to go through a daily pivot and histogram registers lower peaks that is one of the signs pointing to weakness. R2/S2 I find good target objectives whenever there is no trend ie range session.
I guess it's all down to how you research and implement these tools, they are just tools and will work when paired with an experienced trader.
I rarely see it mentioned, but there was a trendline touch at 1370 from the low in 2003 right before the market took off. The bigger the timeframe, the stronger and more highly regarded the TL is. I think you had anyone in the world that wanted this bull market to continue lined up as buyers at that level... as I expect they will be again if we happen to approach it again. Do you remember how quickly we rocketed away on that bounce? I didn't have the TL drawn at the time so I was dumbfounded.
As a side note, check out the divergence on that weekly chart... scary aint it?
BTW what does S2/R2 mean?
.... yes... if this turns into something bigger... then i will be looking for spx 1327
..... i think s2/r2 means support 1/resistance 2 ... pivot levels
.... www.mypivots.com ....
..... i think s2/r2 means support 1/resistance 2 ... pivot levels
.... www.mypivots.com ....
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