Experience Well, I've seen these setups aplenty in the past. For about a week, they would chop up and down within 15-20 point range and then just prior to dropping, they would pump it back up only to to begin the downward spiral. Of course, nothing is written in stone so I might be wrong just yet again but this one looks eerily similar. We'll see.
I expect a 64/66 stop run and neckline test 1 min ihs target is 65.75 on 60 defense Risk 2 to make 5.5 from 60 Good luck on your short
Think how much easier ES trading would be if those in control would only allow trading for about 4 hours per day. 2 hours morning / 2 hours afternoon.
How long have you been trading futures? It used to be that way back in the 90s to about mid 2000s. After trading 2 hours in the morning, everyone went out for lunch (aka chop zone). Then the activity would pick up again roughly 1.5 hours before the close. Now, everything is all outta whack. I guess that's largely due to automation and the subsequent demise (or, if not, eventual death) of floor trading.
It's still likes this 4 point range for 4+ hours whats your short target ? I still show upward bias on hold of 1756
This journal will make an exceptional history for the future on counter trending 2013, lot of great examples on the good the bad and the ugly.
Quote from ammo: add 7.25 avg 64 reduce 63.25 reduce 50 add 55 add 61 against the 66 spx on chart above add 69.5