I can only assume that SS means a pull back to that area is not out of the question, especially if daily downtrend is intact during this updrift.
ES Journal Archive (2006 - 2008)
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I can only assume that SS means a pull back to that area is not out of the question, especially if daily downtrend is intact during this updrift.
I don't have the program. The Metastock charts can be accessed FREELY at Metastocktools.com. They are updated nightly. By the way, oil has a buy signal now.
But as my recreated chart showed, you can just use the MACD crossover on a daily index chart, and you get very similar results, so you don't even need to use that Metastock chart. Only problem with MACD that it lags and only work well in trending markets...
This sentence doesn't refer to my quoted post. But if you are trying to say that I was first expecting sideways action, you have a point, although I was still RIGHT.
What I said was: after a giant 2 days rally the market needed more than 1 day consolidation. It consolidated for 1.7 days. I know, Friday's chart looks like a rally from the open, but until 2 PM it was still in the sideways range. At 2 pm the Dow was still at breakeven ( a Doji) and the SPX was up only 6-7 points.
So the consolidation continued for 4.5 hours on Friday and only the last 2 hours broke out from that range.
It could be, very well a tradable one, but not confirmed.
If the daily downside breakout is not negated by the ledge top, around 1000, then it is simply the bottom of a downside ledge.
I do not expect to go swing short until after 880 is breached (it did yesterday) and many strong sell signals will emerge from this point onward. Even if ES approaches 1000, it could be a very bumpy ride.
e.g. strong sell zone at 920 can bring it back down to 820 area before another try to take it out. Then 980 area can stop it again and bring it down below 900 ...
Edit: How tradable? The pattern is similar to the oops pattern mentioned by many, but delayed for 1 day. At least good for a trailing stop now at around 830 with a late entry of no higher than 820.
he thinks it's possible, maybe even probable that we get a pullback to this area. he says it'll be scary to buy here, but you should do it anyway, looking for 1000ish push afterward. i think pekelo said 1000 first, though....
i'm paraphrasing, but if ss wants to add his 2 cents to this conversation he can....
the things that look the most improbable are often the things that happen when you're trading es....
hope that helps, d.
and a happy thanksgiving to all!
edit: lc says basically the same thing above. so now you have 3 good chartists saying basically the same thing.
www.ruthroosevelt.com/withoutego.htm, i broke most of the rules on page 2 on wed
Quote from princessa:
he thinks it's possible, maybe even probable that we get a pullback to this area. he says it'll be scary to buy here, but you should do it anyway, looking for 1000ish push afterward. i think pekelo said 1000 first, though....
i'm paraphrasing, but if ss wants to add his 2 cents to this conversation he can....
the things that look the most improbable are often the things that happen when you're trading es....
hope that helps, d.
and a happy thanksgiving to all!
edit: lc says basically the same thing above. so now you have 3 good chartists saying basically the same thing.
Two cents worth: Yes, I would buy a "scary pullback" next week. Under 820.
It would be scary because it would make many think, here we go again. The weak holders would be frightened out of their longs.
1000 area would be the target. By February.
I trade the ES every day I can, and this would not be a daytrading position. I am thinking at this point options: a bull call spread (buy 900 calls, sell 1000), or 900-1000-1100 flies. At least 3/1 reward/risk on the verticals.
The trade will be posted on my journal, if it takes place.
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