Have not studied ES but on the NQ there is a potential Dragon formation that could very well start developing if that trendline gives in and price holds and breaks out. The dragon pattern is notorious for creating a massive reversal formation and it is extremely reliable as it is based on a W bottom that formed after a diagonal down move. At this point it is incomplete but if bearish in your swings I would pay close attention to that Trendline. Off to vacation with the family. Good luck to all and keep the good spirit. Anek
Just to find out whether this IHS means anything, took a little just-for-fun flyer in AH: one ES contract long at 1456.50. Set a 3-point trailing sell-stop, and a sell limit order at 1463.75 (+7.25). Last paint 1459.50 (+3) , which took the trailing stop up to breakeven. 3am fireworks still an hour away as I type this. I'm headed for some sack time, so the trade is on autopilot and que sera sera.
Price reachd 1460.50, then retreated just enough to tag my trailing stop at 1457.50 (+1), then proceeded north again without me to a last paint of 1462.25 (+5.75). So not only do I get to learn that 3 handles is too close for an AH trailing stop, but I get paid $50 for the trouble. <img src="http://www.ProfessionalAnimations.com/GAImage/Animations/Animals/fish/shark.gif" width="854" height="76" border="0" alt="It's us vs. them..."/>
Glutton for punishment: Back in long for one contract at 1459.50 as it pulled back to kiss my uptrend line. Fixed stop this time. PT limit order still at 1463.75 (+4.25 from re-entry). Back to bed.
anyone watching the 5 day chart with the possible H and S setting up ? http://quotes.ino.com/chart/?s=CME_ES.Z07.E