I've always tried to throw bones out there whenever possible. And I know many are grateful, as I am for the many who have helped me. But nothing can take the place of hard work, experience, and a knowledge of the markets and of human psychology (one and the same, imo).
for the diamond lover in you......ES displaying a 40 handle diamond pattern on the 60 min.........as well as Dow & YM. shorts need be leary when big reversal patterns like this appear....in actuality,it may also be a continuation pattern but going into December & X mas...they may be feuling up the sled for a move North......to the North Pole or a retest of the NL at 94/96 trapping shorts. with all the pessemism out there lately...i believe it would be healthy getting the media off the sell side for a while so shorts can reposition while the media starts leaning bull side again. purposely stayed out of shorts this afternoon as i feel the PA is getting ready to make it`s x mas rally. that 3:30 move is still violent & reliable. good trading all.
but they are buying 'em in the face of bearish monthly charts, well, bearish ImO at least. Not that I don't understand the concept of 'fortune favours the bald'.
notice the structures and spacing.. red major structures.. followed by trendy downward green consolidative patterns.
Once again more evidence that there is not just one way to trade as I like to start the day with absolute zero bias. I will follow price wherever it wants to go. On many days price will test support and resistance in just a morning session in order for me to ride it up and down I can't predetermine a side, ever. Anek