Bigfoot Id be careful with BEXP tomorrow. Watch it closely. According to my 30 it could also be moving into a possible point 3 to the upside. If increasing black comes in tomorrow and it breaks the florescent purple down channel then a Pt 3 channel has emerged starting with the point 1 which you have labeled on 6/13 and the point 2 on 6/18. The increasing red on 6/20 seems to be a BO of the florescent green traverse. Currently we have decreasing black but this could end up being increased black tomorrow and a BO of the florescent purple RTL making a point 3 channel to the upside and forming the thin light blue channel I have marked. Thats how I see it I could be wrong as I have been before though. Comments welcome.
Thanks for the heads up. I was watching the 30 min but shorted when price was struggling around 17.20. The R2R followed by decreasing black is what made me take the trade. I will be keeping a close eye on it in the am.
am ES Feeling very comfortable with "M" and most of first "A". Still feeling a bit lost with how the pennants, formations, lateral movement and lateral channels fit into the picture. That's my weekend homework.
Bigfoot....Looks like you got it right. There should be increased red today meaning the florescent purple is our new Pt 3 channel on the daily. Now I'd watch for an increased red break of the lateral that has been present for the last several trading days. Comments welcome.
Tomorrow, the Fed concludes a two day meeting. I do not recommend holding equities during a Fed Announcement on Interest Rates. - Spydertrader
Still holding short postion 11% gain so far. Exiting tomorrow morning. Got the increasing red (continuation). Need more increasing red tomorrow. <img src="http://www.elitetrader.com/vb/attachment.php?s=&postid=1970195">
When I have laterals, I try to draw channels inside of the lateral. If I can draw channels then I consider the channels before the lateral. Hence I follow price movement along the channel ahead of the lateral, If however price movement doesn't make sense, then I consider the area being more influenced by the lateral. For example on my latest BEXP chart, the Green up channel and the current down blue channel are within the lateral but I was acting on price movement within the channels.
ES U8 Daily Chart June / 24 / 2008 Daily ES bar formed an outside bar today on increased volume and volatility. Volatility expansion has increased for the third time. Although volume increased 31% today, it was almost a 10% decrease from Friday volume levels. Possibly affected by Fed meetings. Daily bar range = 22.75 points Volume increased = 663,780 over previous day. Close of bar = 42% of the range today.