ES Journal Archive (2006 - 2008)

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Pekelo,
You posted url for ADU day the other day, but it has nothing about step down day.

lastt time we had one didn't you say buy the close and hold until 10:00am following day?
worked out didn't it?

I looked at chart, 1076 (as a bottom) jumps off page at me.
 
If there is anyone I have faith in, it's my trading friend I communicate with.

I said 1200-1150, he said 900 back in March. I think he is going to get his 900.
 
Quote from vertigo3:

Pekelo,
You posted url for ADU day the other day, but it has nothing about step down day.
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Actually, there is, in the same ADU timeline thread:

Quote from Pekelo:

There is actually an opposite of ADU, that I call SDD. SDD stands for Step Down Day, and it is the pattern how a certain type of selloff day advances. The name comes because the chart looks like a step, a big drop first, consolidation next and another big drop into the close.

SDD is pretty much the mirror image of an ADU. The timeline goes like this:

1. Dow drops a decent -100 or more by 11 am. (Lately there tend to be a midday bottom around 11:40)

2. For the next 3 hours there is a sideway consolidation, when the Dow is bouncing between the BBs.

3. Further drop after 2 pm.

Timing it I use the already mentioned BBs and W %R. If you have new lows after 2 pm, just stay short until at least 3:30...
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Yes, if we close at the LOD, you go long overnight until 10 am. Since we also have an open gap today, the chance of having 2 downgaps in a row (2nd gap rule) is very low...

Now we could rally in the last 10-20 minutes, it could be in the play...
 
Chartpatterns don't work? :D

Quote from W4rl0ck:

Good to know.

BTW for swing traders looks like the Qs just broke down out of a weekly triangle. Correct me if this is wrong but looks like it projects to 35 or 8/06 lows. Ouch. The direction is down...
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Quote from wave:

If there is anyone I have faith in, it's my trading friend I communicate with.

I said 1200-1150, he said 900 back in March. I think he is going to get his 900.
More...

To continue with the down trend, a bull trap has to be built ...
 
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