ES Journal Archive (2009 - 2010)

flipping short 28-29, stop over 31,

 

closed 2 @ 829.25

 

closed 3 @ 829.5

 

RTH S1 breached.

Going to PP is not a given. Must build a base to take out previous day low in the 33 area .

 

small short here 832

 

32.25 needs to hold or runaway time.

 

out 31

 

This is going to be the giant cup/bowl pattern. We had this twice a month or so ago. We just reached the edge of the cup, so we gonna drop back from here then form the cupholder part...

(Now 11th and 14th)

Also the power of the 2nd gap rule...

 

stopped out, shorting again 33.50-35, stops over 38.

 

I'd second that. If the previous day's low becomes support, the pivot point is the next stop on the resistance train. If the PP resistance attracts additional buyers, thereby becoming support, then the previous day's high is the next stop.