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ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Here's one from the FWIW file
even though i have posted this comment before, I must post again. This is a game of probabilities not certainties.
Here is the situation:
today RTH opened Below S2 (RTH Floor Trader Pivots). This shifts the odds to favor no true recovery for the day.
usually, about now, on a day like this, prices find a bottom and then labor higher, inching higher, small retracements, net positive action though.
but the pattern is often nothing more than a bear flag that can end sometime between 12:30 and 2:00 ET resulting in a move to new lows for the day, then at that point, price action becomes a true gamble (as to whether a short-covering lift can generate 10-15 pt rebound.
There is a gap open to 1276.25-1276.00 area and that prove to be the ultimate low if there is another leg lower later.
even though i have posted this comment before, I must post again. This is a game of probabilities not certainties.
Here is the situation:
today RTH opened Below S2 (RTH Floor Trader Pivots). This shifts the odds to favor no true recovery for the day.
usually, about now, on a day like this, prices find a bottom and then labor higher, inching higher, small retracements, net positive action though.
but the pattern is often nothing more than a bear flag that can end sometime between 12:30 and 2:00 ET resulting in a move to new lows for the day, then at that point, price action becomes a true gamble (as to whether a short-covering lift can generate 10-15 pt rebound.
There is a gap open to 1276.25-1276.00 area and that prove to be the ultimate low if there is another leg lower later.
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