I don't buy it -- I postulate this is a false move in a long term trend

Discussion in 'Trading' started by scriabinop23, Jun 29, 2006.

  1. patoo

    patoo

    The sustained trend is not over for good, just for now. The monthly swing up from way back in Oct 2002 is still cooking.
     
    #31     Jul 1, 2006
  2. 4re

    4re

    I was expecting a couple of up days since the markets have been taking a beating recently. I think everyone was just looking for an excuse to run it up. But I also believe it will continue down now. Here is an ES dialy chart that shows 3 bearish signs.

    1. Yesterdays candle went right outside the upper Bollinger band and snapped

    2. Yesterdays candle almost bounced off the 60 day EMA, could not make it there.

    3. Nice inverted hammer candle

    Any one of those would be bearish, but all three in one day.

    4re
     
    #32     Jul 1, 2006