If this gets up to 1745 today before the close, then i'll cover it. Otherwise, I'll hold over the weekend as we should be in for a similar week next week.
Thats false. http://www.primores.ch/404handler.a...mSheet Index/HFRX Global Hedge Fund Index.pdf There were periods of outperformance before 2012.
The last major upswing was 106 points. 1740 is actually a 100 point up move from the swing low that was put in on the last down swing. How's that major TL looking now, NoDoji? The horizontal resistance I was looking at was taken out for sure. Could still be seeing a pullback from this area, even though this bull is relentless, so I'm not sure what to think.
If I was a time-traveller, and could prove it to you, and then told you that the ES was certain to trade at 3000 in your lifetime (which it will, asuming you're not about 80!), would that change your day trading at all?
Here's some invaluable advice you don't get to hear often. Channels, lines, diagonals or horizontals, unless they have the back up of a well respected trend, moving average included, over the course of thousands of samples, they mean dick. You want the confluence of a trend to support your geometrics.
Price is right up there trading at that UTL on the daily I posted yesterday. The break of the short term (5-min) LTL from this morning failed as expected and the close of the 10:50am ET bar above the flat (at that time) 20EMA was a signal to either go long for a test of the 36.25 high or wait for a trend to assert itself. The price action on the 5-min chart between 12:00 and 12:30 would be enough confirmation for me to go long and at that point the descending trend line across the 10:05 and 11:35 highs should hold as support (previous resistance becomes support) and if it does, expect continuation, as Bighog would say.
I'm not really a fan of lines or such on intraday charts anyway. I know you use them, but that's usually on higher time frames, no? What's your take on the ES from here? Time for a pullback from here, no?