ES Journal - 2014

spy open int

 

just expect sellers on the way up at a nip cleave or ledge, never know how many there or how strong the buyer is, 2 armies meet is all you know, the widest nip and deepest cleav are best bets for reversals

 

And were at 50% retrace, so we should expect some wiggling here.

 

Thanks, do you always look for reversals or do you ever play the breakouts?

 

Edit: And where would your stop be at 54?

Thanks[/quote] stop is dependent on the market,see what happens , i'm not a scalper , if this area doesnt hold then the 53 5-57 and 59-60 cash is next stop if i see it heading there,will cover and not take the ride, wait to short there

 

out 48 25

 

i short at res areas, so reversals

 

stop is dependent on the market,see what happens , i'm not a scalper , if this area doesnt hold then the 53 5-57 and 59-60 cash is next stop if i see it heading there,will cover and not take the ride, wait to short there[/quote]

Great, good stuff. So statistically it must reverse more often than it just marches on.

Thanks

 

Short only? No Longs?

 

you are meeting res areas on smaller time frames, going thru them to larger time frames res, shows strength, all that sinks in as to be a strong seller , a weak seller or wait for weakness, if you are watching the uvol dvol chart its strong, but not as strong as a trend day, if you start watching it ,it only makes 4 patterns, easy indicator