That would be a "pause on the way up", if so.... You could go ahead and load up on longs here (not financial advice)... perhaps you'll get away with it. Makes as much sense as any other possibility at the point.
Hello Sekiyo, Yes, and the trading system can go to drawdown and lose money, then what are you going to do? You going to find a new trading system? The whole time you finding trading systems, the poorer you will be and then you make no money. Trading systems do not pay any bills and will make you starve because you will have no food in your belly cause you go to drawdown forever. Have to get in the ES market and take money, do not try to figure it out just take it. Pabolo Escobar did what he needed to do to get rich, the same goes for if you want to be an ES Master.
Hello Scataphagos, That is correct. Making that big money man. Like my Uncle Leroy use to tell me while kicking my butt in Chess, "You study long, you study wrong" The same for the ES markets, it very easy to make money every single day of the week.
The best thing about this chart... it can't stay here for long. It's a pattern of "indecision". It WILL be resolved either up or down. We should all be ready to get on the corrct side of that breakout. There's more. After the breakout, this zone will become significant support/resistance... support if breakout is to upside, resistance if breakout is down. (There could be a false move/break before the real move... always need to be aware and ready for that.) GL
Update.... Classic TA here.... Potential highlighted. Market broke down below the neck line.... good for 500-ish points so far if sold into the resistance. Now what? How far will it go? Don't know the answer. With Price TA, you get to KNOW the potential and SEE THE START. After that, you have to "play it by ear". I don't know if the dowside is going to accelerate or whether the "BTFD" crowd is going to reverse it... have to play it by ear. You don't get to "know everything" in advance... but knowing the start is a worthwhile something. But even more important for most... If you've got longs into this possible top structure, you've got a clue that maybe it's time to hedge your profits or at least be wary as to how much leeway you're going to give the market's move against you before you pull the ripcord.