Picking Tops.

For myself a close of the ES below the 1383.25 level one day will move me to the thought of a short term top confirmation. So far we pierced that level (1383.25) since the sell-off day and we are just trading in the range between our years highs and that level.

1383.25 is the price level I am watching to feel a chance for my SHORT swing trade to have a chance at a real good run. On the way down to 1383.25, I have a minor MP level at 1395.75 and a major level at 1389.75.
 
I am seldomly trading ES but take it as my YM reference. ES is the one I have to learn.
For YM, it still has a chance to go above 12230 b4 the closing bell. Let's see.

Always a learner
19:35GMT
 
Quote from Learner:

I am seldomly trading ES but take it as my YM reference. ES is the one I have to learn.
For YM, it still has a chance to go above 12230 b4 the closing bell. Let's see.

Always a learner
19:35GMT
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That's the thing Learner, most ETers look at this scratching their heads, looking for a top, but only the daily chart shows a divergence and no initial critical lows have been broken on another hand, weekly on another hand looks very different. I can't see any bearish signs on the weekly chart. Obviously shorter time frames prevail in terms of timing, but what is the point of searching for a top, if it sure is a lot safer going with the flow when that first low is broken/closed past on daily.
 
Well if you are trying to build up a SHORT swing trade (from numerous position trades over a several day period), then the best possible cost basis for the overall swing in time will be constructed PRIOR to the confirmation of a short term top.

To nail a good swing, you need to be taking shots PRIOR to absolute confirmation of the top being put in place....imo. This is a preemptive trade methodology and not a post-reactionary. :)
 
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