ES Journal Archive (2009 - 2010)

[JSSPMK]

Quote from volente_00:

One could make the case for a h&S but the head is not very high and the higher lows makes the neckline uncoventional.


Projection would be 32.5


Lunchtime chop going to be interesting

Do you find perfect patterns hard to come by recently, the ones that do show up seem to be faded more than before?

 

[volente_00]

Quote from JSSPMK:

Do you find perfect patterns hard to come by recently, the ones that do show up seem to be faded more than before?

I find bearish H&S's difficult to play out in this current environment.


The problem is the lack of follow through cause by the low volatility.


As of now both the ihs and h&s are voided. Only one left is the ascending triangle.

If they put in a higher low here then bears are going to get stops blown that are sitting above 37.5.

 

[Eko_Trader]

Quote from volente_00:


As of now both the ihs and h&s are voided. Only one left is the ascending triangle.

If they put in a higher low here then bears are going to get stops blown that are sitting above 37.5.

Absolutely on point.

 

[volente_00]

Everyone is looking for a top.

From my experience both tops and bottoms usually occur on climatic moves that produce a volume spike. Hard to make a top when the market is grinding and not spiking hard up to make shorts capitulate.

 

[hermit]

Quote from volente_00:

Everyone is looking for a top.

From my experience both tops and bottoms usually occur on climatic moves that produce a volume spike. Hard to make a top when the market is grinding and not spiking hard up to make shorts capitulate.

Quite a few tops also occur as Auction failures unlike bottoms.

 

[Lawrence Chan]

Look at tick index.

Effectively non-stop buying.

And not going higher.

 

[volente_00]

Quote from Lawrence Chan:

Look at tick index.

Effectively non-stop buying.

And not going higher.

But the higher lows signal that those selling are getting exhausted.



Triangle is getting tight, has to break up or void the pattern soon

41.5 still in play till pattern is voided

 

[Lawrence Chan]

Quote from volente_00:

But the higher lows signal that those selling are getting exhausted.



Triangle is getting tight, has to break up or void the pattern soon

41.5 still in play till pattern is voided

Those higher lows are bots made to make it looks like higher low.

That's their way to paint the picture.

 

[volente_00]

Quote from Lawrence Chan:

Those higher lows are bots made to make it looks like higher low.

That's their way to paint the picture.

It is still buyers coming in.


So you think they are just supporting by buying and then distributing at 37-37.5 ?



Lots of congestion at 33-35 where the fight was originally.

Gonna take large selling to break back to there.

 

[Lawrence Chan]

Quote from volente_00:

It is still buyers coming in.


So you think they are just supporting by buying and then distributing at 37-37.5 ?



Lots of congestion at 33-35 where the fight was originally.

Gonna take large selling to break back to there.

Bots are smart, they sell in front of liquidity.

Obviously they detected sell pressure directly above, thus keep flipping their longs out.

When NQ DT, there will be no more reason to go up.

High risk to go long from here.