Thought it was a good time to open a can of worms. I have traditionally traded in the now. Always thought it is easier to predict the weather in the next five minutes than it is to predict it for a day or week. However, I am trying to broaden my horizons and look at the big picture also. With that said, I was hoping to get some thoughts on the technical set ups in the longer term ES charts. I'm not sure if I am on track with my thoughts...I'm sure I will by enlightened. In looking at the H4, Daily, Weekly ES charts. It appears to me that we are at an extremely critical point. The double top that is forming/formed at 1015 seems to have great significance. If this DT holds, price will remain in a downtrend. It it is broken, there ain't much in the form of resistance in the near future. I am not much on price channels, but it seems like the upward channel has been broken. It was fairly obvious today that this top was going to be tested and I'm sure most of us were long at some stage this morning. I really thought it would make it through when the day started, then the 2 candles from hell really took over. My questions are a couple. Does this make sense. Do any of you see 1015 (approx) as a critical point? Also, is there enough horsepower out there to keep this chart moving up and to the right?? Lots of data tommorrow. Cup with Handle stuff and all. Any thoughts on what might take place tommorrow.
Yes. I am looking at 1015 as a critical point. I think if we reach 1020 intraday in the next few days that may signal continued upward trend. I usually dont buy at the top of a trading range, but today I was making long trades. I see 1040 as next resistance level.
I came up with that 1040 number too. Hard to imagine. I have another question that follows these lines a little. In looking at the charts on Sunday. It was obvious that 1000 was a key price point. I knew once this was broken, price would move on up to 1015. I guess the 1000 barrier was broken in my sleep last night. I actually thought about placing a limit order last night before sleep set in. This is against all my rules and regs. Anybody do this?