ES U8 Daily Chart June /17 /2008 Daily ES bar formed an outside bar today. Also, today formed an IBGS on increasing dominant volume. Price still closed within lateral movement and within its current tape. cnms2 gave feedback on a down tape in which I had added tonight, and while looking at the IBGS and increasing dominant volume, a fan out of the tape was made to make a point 3 down accelerated channel. Range of daily bar today = 20.75 points Increase of 292,177 contracts over volume from yesterday. Close of daily bar = 10% of range today on IBGS
Some stocks I'm looking at for tomorrow.... Looking for IMMR to continue down in a point three of a new Pt 3 channel on the daily.
Hello all, I am halfway through doing my equities charts for tomorrow, and I have noticed something strangely consistent about several of them. They look like they are forming a pt3 on a downward channel... however they are doing so on DECREASING red. That seems to suggest to me, as Spyder told me recently, CHANGE. One would expect INCREASING red if it were going to continue a dominant downward traverse. I am suspicious that tomorrow my start downward, but end up being an up day overall.... JF
this might help... http://www.elitetrader.com/vb/attachment.php?s=&postid=833448 (from pg1 of the Futures Journal) http://www.elitetrader.com/vb/showthread.php?threadid=83604
Here's one example in CAVM with the large channels drawn in. There are about 8 others which show a similar pattern. JF P.S. Spyder, If I misunderstood our conversaton, please accept my apologies .