The ER2 Trading Journal

This is a very nice drawing of the channels. If you look at closely of the upper boundary (orange) of the bigger channel and the lower boundary of the smaller channel, you could see an ascending triangle is forming and about to cross. It could break it today. ER2 was traded 670-671 range a few minutes ago, if not a big selloff happens after the gap up, it has a chance.




Quote from lynx2004:

Yes..er2 at an interesting point...

It is more likely to go higher given that:

- NDX broken out, and Nasdaq just made it through today, SPX above this down trend line as of today -- er2 has a lot of catching up to do

- also seems there is positive sentiment i.e., bulls seem to be in control ...this of course is a feel thing as I don't have any data to back it up except...

- if you look at both MACD and RSI, they have already broken thru the downtrend line

- look at yesterday's candlestick - bullish bottom (this bottom looks very similar to the June bottom at 625.8 and the long candlestick the next day) if it follows the same pattern, it will pause for a 2-3 days and take off to the upside

-also the timing aligns with the usual rally tendency after Thanksgiving...

We will see how tomorrow closes...

Good trading!

<img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=901614>
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Quote from trade_4_living:

A nice day so far, I hope you guys made some $:
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these charts are pretty funky...i think i will get ensign myself soon. you seem to be happy with it, right?
 
It's trying to fill the gap. But trading in a range.
670 is the middle point.



Quote from lynx2004:

What I would like to see now is building a base here @ 669 and slowly trend higher throughout the rest of the day...
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Quote from trade_4_living:

It's trying to fill the gap. But trading in a range.
670 is the middle point.
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i thought it did fill the gap..anyway, ES nicely filled the gap..to confirm my bullish view, i'd like to see a slow and steady trend up taking its time..not too fast until it hits a HOD...then anything goes.
 
Big negative divergence at the open, which causes the fall. Now we have some positive divergence. I hope these divergences can help the upside move for the afternoon.
 

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Quote from trade_4_living:

Big negative divergence at the open, which causes the fall. Now we have some positive divergence. I hope these divergences can help the upside move for the afternoon.
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agree..AM rally couldn't be sustained...if we close here, it will be rather bearish short-term...if it goes close to HOD by 3pm, we may have some short covering Friday afternoon rally..
 
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