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Would you Short This Bear Flag?
- Thread starter Flashboy
- Start date
Quote from Flashboy:
Just curious as to what you guys think of this formation.
5 min. chart of Emini.. bear flag forming..
30 min. chart very oversold.. the price is currently at 980.00 and there is fairly strong support at 975.00..
Would you place a sell stop below this channel at the 977.50 area???
982.50 is a big #. we stay below that, I will be short into the close
Pete
I would not short this market at all today.
It appears that a classic and very much typical "MEASURED-MOVE" ended around 977.00 today.
Take a look at the 30-Minute Chart and you will see that the move off the highs was the "A" leg down ( 16.75 handles ) and the "C" leg down this morning off the highs of yesterday at 992.75 gave you a "target" of 976.00
We met this target this morning.
Time to trade back up in a "choppy" fashion!
It appears that a classic and very much typical "MEASURED-MOVE" ended around 977.00 today.
Take a look at the 30-Minute Chart and you will see that the move off the highs was the "A" leg down ( 16.75 handles ) and the "C" leg down this morning off the highs of yesterday at 992.75 gave you a "target" of 976.00
We met this target this morning.
Time to trade back up in a "choppy" fashion!
Quote from Walther:
It looks bearish now but you have to wait till 12:25est for intraday cycle to complete, then go with a divergence .
Walter
Divergence completed at 12:38est.
Generaly it is not a good idea to try predict direction of a move before completion of a cycle . This one is a good example of it .
Walter
For ES mini, center on 981 or 980 and use a 6 point bracket (3 points above or below. Use a protective stop for each after entry of 2.2 and tighten it up to 1.2 if the pace quickens.
let the maket take you in, if it doesn't then you know it's a Friday in the summer time.
I prefer the 981 as the center since we areright on support and 20 points from R.
let the maket take you in, if it doesn't then you know it's a Friday in the summer time.
I prefer the 981 as the center since we areright on support and 20 points from R.
Lovelitera
Guest
Too extended, a day after decline started, subject to up correction. Could be shorted if there is more work at this level.