ES Journal Archive (2011)

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Quote from Picaso:

1232-3 my line in the sand
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Agree.

Broke the recent trend line, but it was a very steep one, so the break could be fake. Breakout test around 35-36.

Did however bounce off the 20-EMA, so we could be drawing a new trend line from the last swing low now. The subjective nature of trend lines, I guess.

So yeah, I agree. Would have to break below 32 first. Anything else is noise to me. :)
 
Pulled back more than I expected before, let's see now...

Many juicy stops up there... might take till the EOD to break, like yesterday, though...

Or I could be wrong, indeed...

EMG, why hath thou forsaken us??? :D :p
 

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If we take out the highs now, I wonder if we can close the gap above @ 1249,50 by end of day?

Those who follow the news from the summit. Anything to rally on yet? :)

Currently just one big double top.
 
Quote from Laissez Faire:

If we take out the highs now, I wonder if we can close the gap above @ 1249,50 by end of day?

Those who follow the news from the summit. Anything to rally on yet? :)

Currently just one big double top.
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Bear trap? :confused: :eek:

Summit: you summarized it best before, no more news so far
 
Quote from Laissez Faire:

If we take out the highs now, I wonder if we can close the gap above @ 1249,50 by end of day?
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IMO, we're too close not to try a pop, but I wouldn't expect much follow-through...

Edit: ... follow-through... either way (whether we penetrate the HOD or lose the channel and EMA
 

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Quote from Picaso:

Bear trap? :confused: :eek:

Summit: you summarized it best before, no more news so far
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Could very well be a trap either way, but it does not look like a short yet based on my subjective interpretation of the 5-minute.

One nice entry could be to short any surge towards the high with a tight stop, effectively trying to pick a top.

For a short, I would prefer this trend line that is now very clear, to break.

I do however consider the summit a unknown variable that is impossible to predict, so it`s a uncertainty that I do not want to gamble on as any word could send the markets in both directions from here effectively negating any chart formations.

Taking out the highs could however possibly confirm a long entry, but it is starting to get late.
 
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