Right here is where I think things get a bit tricky for the position trader like myself. We watch the day traders bounce the market up and we wonder if this is "the big bounce". There clearly is a bullish divergence on hourly charts from overnight. What a position trader must do is relax and weather the ups and downs for the overall move .
So am I still long or did I sell at 1268 yesterday ? Oh, it is 1268 right now ? Should I sell now ? Na, I will sell at 1300.
I think Broadening formations can have either flat bottoms or expanding broadening formations (orthodox). YM has the latter while es has the first type-accompanied by the wild volatility that we saw on thick volume and the yield curve being flat and that copper is runnin, - lots of expansion extremes to point at. NYSE highs and lows are trending lower on the peaks but that could change, seems to be maturing- CSCO won't be there tomorrow but a higher initial claims number is expected. Also I don't think January's CPI will be that tame- maybe a nother tick in favour of a March rate hike. That and more goes hand in hand with the broadening formation.
Volente, Did you buy my short again today at 1268.25. I remeber you bought my short a few days ago at 1286. Maybe this time you will make the 20+ points off the trade. Good Luck too you Sir. May the best man win. Actually, I might be wrong but it realy seems that the technicals are breaking down for the ES on thw daily charts, and each rally is more anemic than the last. I think we have more downside potential. Regards, Steve
Are you going to tell me you covered that 1286 at 1257 today ? Hope T day does not the rest of your profit. Good luck to you too.
I actually covered that short from a few days ago at 1265.50 monday. I have a tight stop on the current short I am holding from 1268.25 just in case I am wrong which does occur every now and then. Regards Steve
In that case, it appears you will have yet another losing trade sir. It is most unfortunate that you have made a public spectacle of your awkward and imprecise methods.
Oh great now according to birdmath 1264>1268. Did you forget the alliagator definition from 3rd grade?