don't feel too bad, I was long at 1435.25 last night and sold out at 37 because I was tired. There were plenty of chances to get back in today and it was evident as the pullbacks we had were on descending volume.
happy trading wherever you go.......the retracements on lower volume is good but also the good trendline shows angle that says same....plays into trading my near and with the trendline rule....severity of angle is good stuff....hard run slow turn..
Here's my 240-tick chart that I used to track yesterday's move. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586608 width=600> Yesterday, I tried something I'd not done before: Trying to identify each major wave movement of the price action and draw yellow lines connecting the swing highs and lows in real-time (rather than after the fact). I found this exercise incredibly helpful. Note the circled double bottom where I got long, Also notice the AB=CD price projection at 1466.50 where I exited the long trade, 5 ticks short of the ultimate top. Also note that the AH action has retraced the rise from the double bottom almost exactly 50%, so I'm looking to get long here. The exact 50% retracement point would be 1456.00 and so far we've missed that by 2 ticks. BTW, that double bottom is also the right shoulder of the reverse H&S, which is one reason why I presume we've got considerable upside to go from here. NOTE: To see this chart in full-size, click on the attachment link below.
Here's my 15-minute chart showing the reverse H&S. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586612 width=600> Again, click on the link below to see the chart full-size.
same 3rd failure swing now on ES 4 hour chart, when it's 3rd it's normally the one that triggers. <img src=http://www.elitetrader.com/vb/attachment.php?s=&postid=1586607>