ER2 is trading inside a triangle on the overnight contract is anyone buying here?

Discussion in 'Technical Analysis' started by humble1, Sep 10, 2006.

  1. humble1


    If you are buying, will you buy before the triangle breaks out, or wait for the breakout. If you aren't going to buy at all no matter what happens, give some kind of technical reason why not. If you are going to wait until the breakout and then buy the pull back, then indicate where and how you will enter.

    Or, will you short now, or the breakdown, or the snap back.

    If you are going to sit and do nothing no matter what happens, that is a viable option also.

    Currently trading 714.30
  2. If I'm understanding you correctly, the Russell moved from ~729 down to ~705 before forming the "triangle" that you speak of. Since a downtrend preceded the triangle, you have to prepare for a downside breakout of the triangle. Maybe that will be the meltdown that the bears are hoping for this month and during October. Stay tuned for more!
  3. humble1


    The triangle broke down overnight and made it's downside measurment. Now trading 710.80 and testing the lows put in on 9/7. Are you buying here? or staying short?

    The daily chart shows a pullback within a weak uptrend, the intraday chart is in a down trend from the high put in on 9/5 @ 735.50.

    Bears are always looking for a meltdown aren't they.
  4. humble1


    Ya gotta luv this action. ES and NQ both tested the low put in on 9/7 and then bolted to the upside. ER2 put in a slightly lower low than the others. It is the typical game of blow out the stops for the bulls and then the bears, then run the thing up.

    Looks like plenty of bull shitters out there today and damn few traders. ET sucks imo.