hey ES journal posters...amazing Journal...question for you: Trendline Broke?...what determines if the trendline broke?...say for daytrading the ES (emini SP)...does one close (aobve or below) of a 5 minute or 10 minute period equal the trendline 'breaking'...how many periods must the high or low close over/below the trendline to be considered 'broke'...I hear the terminiology 'trendline break' all the time but...what makes it 'broke'?..how many periods closing under or over that trendline?..thanks in advance...really want to understand...thanks!!!
So after giving back 80% of your unrealized gains, might I ask my usual one: Is there a masterplan or are you just going to keep holding shorts blindly in the generally most bullish time of the year?
Take a look at the BIG S&P ! Four GAPS...1426.40 / 1441.00...1525 / 1514.80...1554.90 / 1539.50....1463.30 / 1477.00 Choose !
If you would have asked me yesterday, I would have suggested we may see again 1400.00 again retested, but today´s action changed my assumptions...I am looking for 1525.00 in the near future...
Stopped out. -$.43 Here is a chart of some trend line breaks. They are subjective. I would play around with them on a short term like 5 or ten minute chart. Good tool if used wisely. Some of the traders here see ascending and descending triangle patterns which is a similar idea.
So ES puts in a high around 1pm and cannot make a new high the rest of the afternoon. Check the DOM and there is frequently 1000 contracts on the bid/offer. The upmove into the close is likewise stopped before the earlier high is reached, plenty of buyers, plenty of sellers, just a few more 1000 on the offer I guess. $billions worth of stock on offer vs the ES as well..... then the futures open in after hours and vavoom.. ES is up 5 points on 15k total volume and NQ is up 12 points on 3,500 total volume. I guess the Japanese must really love our stocks... or could this be some kind of market manipulation? I demand a congressional inquiry!!