ES Journal Archive (2011)

xlf lowest since early july of 09

 

Wow, interesting. Broader markets holding in pretty strong based on this.

 

Potential head and shoulder setting up on the 5-minute.

Is the high in for the day, traders?

 

Short term I would not be going short. Look for good places to buy. But for me Im flat. It is just sitting in the middle. I missed my entry around the 20-22 area so it either needs to move up a lot more before I short or it needs to come back to the 28 area before I go long.

 

You`re thinking exactly correct here. If one misses a move, one simply needs to show patience and wait for the next setup. That`s where I failed today. Luckily, I`m still ahead for the week, although today ended in the red.

And just as I wrote about the potential H&S, it failed. Done for the day and looking for better opportunities tomorrow

 

Nothing like a good top call to get things moving to the upside, eh?

 

that's a tday short trap

 

weekly

 

Thank you for this, bigsnack. I`ll look it up.

One other use I`ve found for the TICK is that if the market is setting up for a breakout in either direction, the distribution of tick values prior to that may indicate which direction we will eventually break out.

 

30 min