Not sure if I'd fully agree but partially true. Everyone sees things a little different. IMO the patterns are not as clean but since they are only a guide, they can still serve that purpose but keeping in mind the unique aspects of ES vs other markets.
Chart patterns like the ones the OP gave as examples are not trade signals. Simply, of course they don't work as such. Yet, to make them useful, they must be used with a trade signal that does work to be able to compete with the "few" that are profitable or borderline profitable while trading the S&P 500 Emini ES futures.
Hi Bill, Since you're a new trader, stay away from cash trades right now- I strongly suggest that you explore other techniques , and some of them you will understand and 'connect ' with right away- these ones you should explore in detail. Stay away from the quick fix, quick buck strategies. They only make a quick buck from the seller- sorry but that's true. I know , I've been down that road; don't want to see a smart new trader fall into that trap. But if you're careless- you deserve to lose your money. Cheers, G.
Who said I was a new trader? I have been trading stocks and options for 11 years. I just recently added the ES. I know plenty of chart patterns, etc. I was just seeing if I can learn something new. If I could gain one ounce of new info from 100 or 1 million posts i'll take it. I'm always looking to improve and I always like to hear what other traders are thinking or doing.
Ok, great Bill. My error. You 're like me. Always constantly learning and pushing the limit. Great to hear someone else always wanting to improve. Cheers, G.
look for these on a daily or multiday chart for support/res, targets we are approaching,r watch em for awhile,it will become obvious..just noticed i had already posted this earlier ,i'll leave it up for the current chart
Ammo- It seems that your chart is too full of information. What focus can you derive from your chart ? Fortune Teller- I guess someone had to be smart about that ' B ' -pattern ; but seriously don't you find that MA's and retracements are the simplest of signals ? Cheers, G.