out half 32.5
stop to 34.5
stop to 34.5
ES Journal Archive (2009 - 2010)
- Thread starter Jahajee
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Quote from rcn10ec:
Question is will they use FOMC minutes at 2:00 e.s.t. for their reason to run stops above or their reason to run stops below...or neither?
Focus on the Technicals. Everybody and their mother knows exactly what the FOMC minutes will say.
Here's a recap; They will keep rates low (Market positive... at least so far). They have a rock solid exit strategy. They will start tightening when they observe a healthy recovery.
If the markets keeps bumping against resistance by 2pm, you can bet your last dollar that they will use the FOMC to push through it and run stops like its going out of style. Best of luck.
Quote from rcn10ec:
Question is will they use FOMC minutes at 2:00 e.s.t. for their reason to run stops above or their reason to run stops below...or neither?
Well spotted, you have unveiled an excellent point rcn10ec.
The FOMC minutes will drive the ES higher, if of course the ES price does not first retreat to offer better buying opportunities.
Either course of action could follow the 2pm announcement or the price could remain range bound for the rest of the afternoon.
There are excellent buying opportunities ahead once you have established that support is holding and the Longs are building positions.
If this doesn't happen then you need to think of selling once resistance is seen to be holding and the Shorts are building their positions.
Failing all this there will be some excellent flipflops in a range bound price range.
Speaking of stop running. The action on the higher highs looks to be getting weak to me. In the past when it would breakout, you would get volume and a larger follow through.
Looks like they want to retest the shoulder
Looks like they want to retest the shoulder
3rd 1-2-3 sell.
a break below 32 will be significant.
33 must act as resistance though because that is previous day high.
a break below 32 will be significant.
33 must act as resistance though because that is previous day high.
Just north of 33.5 represent a 50% retrace
and that shoulder !
That's true ... and why the resistance zone today is a mess.
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