ES Journal Archive (2009 - 2010)

[Bigpipn]

What comes after 12?

Momo running out on the Euro on the dailies. Look for a pullback to the 1.33-1.34 level over the next 3-5 trading sessions. Gov't/Fed rhetoric won't stop it from getting there but it will provide volatility.

 

[ammo]

bigpipn, are we (es)trading with the currency,is the correlation almost 1/1 ,1up and the other up ,and down and down

 

[MandelbrotSet]

The market is currently neutral with a slightly bearish overtone.

There is a PP down at 800 if it should start to drop.

Good trading

 

[Bigpipn]

I do believe that as equities rally, the dollar will fall and in proxy the Euro will rise. I can see a huge Gartley (Pesavento Pattern filter) forming on the daily Euro once it rallies to the 1.47-1.50 area. It projects as far out as July.

 

[ammo]

thanks bigp,mandy we always pullback after a 500 point up day,not that we get that many

 

[Bigpipn]

...

 

[pocketmoney]

balls of steel to keep adding to that short position yesterday, Ammo

 

[Brendan R]

this rally will fail before 840 and euro will not see 1.40 for a while

 

[ammo]

Quote from pocketmoney:

balls of steel to keep adding to that short position yesterday, Ammo

more like stupidity,missed out on any profit on a 500 point up day.they dont come around too often

 

[Bigpipn]

Quote from Brendan R:

this rally will fail before 840 and euro will not see 1.40 for a while

There's not much holding us from 870-880 right now, we'll print an 11 count sell on the daily ES after today.

If we can consolidate down, hold 800 and close above 870, we will confirm a reversal on the weekly chart. Either this will be the biggest bull trap of all time , or we are gunning for 1080-1200.

Remember, this thing can easily make new highs in this bear market. $2500 gold/ $250 crude with SPX 1600 would be no better than where we all now. It appears that this debt crisis will ultimately lead to a REAL currency crisis.

The first week of March printed a 9 count buy on the weekly, that is HUGE. The tape on a close on the weekly above 870 will tell us how bad this is going to get in 2009.