I don't think so it's just something I use since never really seen anyone else use it. So, it makes me feel cool and different. Also, I think it describes it well though. It's pointless sometimes and frustrating to even attempt longs, when no larger player actually has any intention of accumulating for higher and is just buying to sell.
I have 3868 ish as ES weekly resistance and NQ 11794 ish. If ES start trading decently above 3868 we could see another leg up, even today. With some big earnings coming up, is also a nice bonus catalyst for some extended movement as well.
If it reaches it at all today 3643.50 needs to hold to keep longs from bailing. Cum TICK momo not cooperating past 30 minutes or so.
As of now... The 2 immediate ES RTH WEEKLY POC levels are 3968 on the upside, 3799 on the downside. On the upside there are 2 ES RTH DAILY POC levels to get through...3891 and 3935 See my earlier post #9545 Edit: On my 3 minute rth trading chart, Todays daily POC has updated to 3843.00
Interesting how price slowed down here at the highs. One more pop above the highs is my guess. Question is if that gets legs or not. We're only up 1,42 % at the highs. A 2 % day up takes us to 3885. Maybe.
I'm a late long up here (60,75) finally logging on, but will give it a tight leash around 5 points. Interested to see what a poke above unlocks. I see the potential for at least another 20 points if we go higher.