ES Journal Archive (2006 - 2008)
- Thread starter Buy1Sell2
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Nice trade MB! You caught the move I was waiting all day for.
What I'm looking at for tomorrow.... If they can hold 1393 tomorrow morning here is a potential topping setup I'm looking for. If the 5-wave wedge fills out, it could create a nice short opportunity at 1405-1408 to catch a large and fast move down. This break of highs would blow out todays shorts right into the heavy REAL resistance that was shy'ed away from today.
What I'm looking at for tomorrow.... If they can hold 1393 tomorrow morning here is a potential topping setup I'm looking for. If the 5-wave wedge fills out, it could create a nice short opportunity at 1405-1408 to catch a large and fast move down. This break of highs would blow out todays shorts right into the heavy REAL resistance that was shy'ed away from today.
wheredemboyzat
I analysed what happened in past from 1945 in similar situations like we are now /200 mm Ema on top, just above us, bearish looking market for few months but less than year, the price crawling with effort bellow clear resistance, 20 daily EMA crossed above 50, first attempt break 200 EMA since it gets on top, etc/.
I will say following: as minimum 90% probablility that resistance will be broken before significant downturn.
Big question is where is the most important resistance but very probably it is 200 day daily EMA on SPY.
If we will be able go above 1450 very probably it means that bear is ended
If the price will be able to keep above 200 EMA for 15-20 days than end of bear market.
However most common situation is "oxidizing" there 1-2 weeks /so not immediately big downturn like is expecting tommymoose/ and than sliding up to 100 Ema what in this situation will be well bellow 1200. This typically will need few months. From there will be another rally attempt break the same 200 Ema resistance.
Really big fight between big boys we need expect somewhere 1415-1440.
1420 if I am looking on market from weeks perspective is after my opinion not if just when.
I think that the big bulls know it. Therefore they will not hurry push the market up. They will wait for something positive, may be some great earnings, may be some help from FED, etc.
I am afraid that trading can be boring until the real attempts to lift the market will occur.
Tommymoose, I really think you need not hurry. If we will turn down it will be earthquake, you will feel it. We will not get there in one hour, you will not miss anything. Take partial profit if you can.
I think that now the big boys will try shake out from small traders as much money as possible.
I will say following: as minimum 90% probablility that resistance will be broken before significant downturn.
Big question is where is the most important resistance but very probably it is 200 day daily EMA on SPY.
If we will be able go above 1450 very probably it means that bear is ended
If the price will be able to keep above 200 EMA for 15-20 days than end of bear market.
However most common situation is "oxidizing" there 1-2 weeks /so not immediately big downturn like is expecting tommymoose/ and than sliding up to 100 Ema what in this situation will be well bellow 1200. This typically will need few months. From there will be another rally attempt break the same 200 Ema resistance.
Really big fight between big boys we need expect somewhere 1415-1440.
1420 if I am looking on market from weeks perspective is after my opinion not if just when.
I think that the big bulls know it. Therefore they will not hurry push the market up. They will wait for something positive, may be some great earnings, may be some help from FED, etc.
I am afraid that trading can be boring until the real attempts to lift the market will occur.
Tommymoose, I really think you need not hurry. If we will turn down it will be earthquake, you will feel it. We will not get there in one hour, you will not miss anything. Take partial profit if you can.
I think that now the big boys will try shake out from small traders as much money as possible.
So no risk to reward ratio ?
:eek:
yo b1
whatyaknowboutdattdaytheory ?
whatyaknowboutdattdaytheory ?
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