115-110 range. Slowing economic growth implies conservative measure and risk aversion out of Japan. Carry trade unwind should still continue.
Closed at 1450.25 for +3.25. Tomorrow, all. Good trading! (Gosh, I miss those 40- and 70-point moves. What do they think it is...August?)
the close was extremely positive, even though point wise, it didnt amount to much. Price action is indicating accumulation underneath. when the 2:00 oclock time window passed without any move, would have expected a stronger downdraft to below 1450 to 1440 or lower, and it didn't materialize. When selling is expected and it doesn't materialize, its a good sign. Towards the close, price was very resistant to move down. It seemed easier for the price to move up then down.
Here's one for B1S2: Is it possible that the monthly chart portends a crash of 2000-esque proportions? Look at the monthly RSI, and compare with 2000.
Here is some food for thought, here is 240 minute chart of DAX, it's OK since it's more of a world market nowadays, but there is a reason why I have chosen DAX and not ES. Out of 13 times, beginning early June 07, histogram crossed over the centerline, 12 have resulted in downside, 1 failed and it hasn't really crossed the centerline, I just thought it would be fair to list it as a failure as some traders do trade early signals. Histogram is at the centerline right now. I still see daily as potentially bullish on the other hand <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1576412>
checkout what the market is doing based on past patterns. It implies when the FED does cut, we test the 50 day MA(green) line.
....i like your idea of a 6 tick stop as i think that mentally, it would force you to get the best (early) entry possible.... or force you to act as soon as you get the signal....something i am struggling with now
If 1560 resistance holds up and this assending triangle (not sure of exact technical term) breaks, I show us heading back down... target of 1408-1412. If it breaks out above 1460 though I expect a pretty fast paced runup to 1479.