ES Journal - 2016

2083.00 is the correct sell stop if you have been long

 

No new sell signal has emerged just yet on ES

 

That is not a megaphone pattern, megaphone is when narrow to left and highs/lows expanding to the right. What you have is higher lows so not a megaphone.

 

Still not one there to take yet.

 

it is a megaphone pattern

and i'm willing to bet $1 that today was the top in ES

 

Good odds of it...NQ/QQQ wildly divergent in the first 2 hours of trading...almost comically de-linked. I'm going to play IWM for awhile though, ES definitely needs to snap back below 2080 or so soon (the breaks out and above the channel line resistance) definitely saw some capitulation.

 

I use different rules for drawing a Megaphone and that chart is not it.
I don't bet, am more like a trader that learned to go with the flow baby.

Starbuck time.

 

THE top? Or just a top?

Every day has a top and a bottom.

 

So far, so good. Expecting the Low roughly at 83 and a Close below 88 (but probably not much below).

 

the top of this short covering rally from 1800