ES Journal Archive (2011)

[Squaretrader]

Upside is very limited. Big down very soon.

 

[Pekelo]

Quote from Pekelo:

.... we are right at the Failure point on the 5 days/15 min chart and if we do bounce from here the 3rd top target is 1298+13 for the ES... Probably on Monday....

Sunday overnight action: Futures ran up to 1313.5 (5 am) and dropped from there 3+ pts. So we overshot the 3rd top target by a few points but we already had a decent drop, so technically the pattern is over.

It remains to be seen if it gets repeated during RTH....

Oh yeah. Never fight the dragon!

Edit: Answering the question below me: The size of the drop is not predicted by the pattern and the 3+ pts drop could be it. It could also be a much bigger drop, it is impossible to tell.

A possible scenario is to repeat the whole thing during the first 30 mins of RTH, then we drop from there like a stone. But again, nobody can tell.

 

[fseitun]

Pekelo

According to your projections, ES reached its target overnight and should drop from there...agree?

Edit: Thanks. The 3rd top projection was right on the money, in fact I was holding a long position over the weekend and set my target at 1312.50. This dragon pattern helped me with the target because there are no nearby reference points...we are at new multi-year highs, always difficult to decide where to take profits at...

 

[Builder17]

this should be a fun week

 

[creekboy]

Quote from creekboy:

will short 1313.50

had my add-ons kick in ---

6 to 1 ratio -

12.00 ave short-

reduced to 1/2 @8:45 est 1310.75


short now from 1313.25

 

[ammo]

Quote from ammo:

avg 05.5 ,reduce 1307.25

add 11.5,avg 10,full position

 

[i_c_fed_people]

Quote from Builder17:

this should be a fun week

I hope so.

 

[ammo]

es

 

[fseitun]

A retracement is long overdue but you never know with this market...it could keep rising and rising forcing shorts to cover...

 

[David M]

short @ 1314