When you see a tail through a level like that, it suggests that algo's were firing off longs at the level. Of course you are free to interpret as you like.
Support & Resistance levels , and moving averages are just meaningless lines on the chart.
- Thread starter wxytrader
- Start date
Yep, the close tells the tale.
But as its dropping, it doesn't look like a tail. When it hits what ends up being the low of a bar, it looks like a solid bar. Now sure, you can use a wide stop and wait to see how the bar closes, but what if this bar ends up being 20 points high?
Your image maybe doesn't even capture the low of the bar, but if we fill it in like I did here, this is what the bar looked like at one point.
But like I say, you can easily have a rule where you wait for the bar to close before you place a stop, but at this very moment, it certainly doesn't look like the SMA held.
%%
OK;
but he may be right to be skeptical of that TA??
Many could have been buyin' on gov shutdown speculation + OCT front run bear killer nickname. [Stock Traders Almanac=OCT bear killer nickname. ]
Yeah and it could be institutions were watching the level%%
OK;
but he may be right to be skeptical of that TA??
Many could have been buyin' on gov shutdown speculation + OCT front run bear killer nickname. [Stock Traders Almanac=OCT bear killer nickname. ]
Worth mentioning...
ES open AND close were above yesterdays closing, with increased volume.
Read into that what you will. To me, the "immediate" posture, for now is (somewhat) bullish, based on the DAILY chart.
Bullish posture does not mean go all in, or that there will not be shorting opps.
ES open AND close were above yesterdays closing, with increased volume.
Read into that what you will. To me, the "immediate" posture, for now is (somewhat) bullish, based on the DAILY chart.
Bullish posture does not mean go all in, or that there will not be shorting opps.
Will do, sir.