Watching the 780 area for a failure... http://charts.dacharts.com/2008-11-22/2008-11-22 20-00 ES #F 60.png
Thanks for the response. That is what I kind of figured - chart well, but follow the market direction closely and ignore the chart if the market is going opposite of where you are
Years ago as a Physics undergrad I had the importance of log charts when working wide data ranges drilled into my noggin, one of the few facts that remains of my oh-so-brief science career (along with the importance of using the right units in calculations). I would assume that folks who do not have a science or engineering background of some sort would have a tough time becoming comfortable with log charts.
Don't ignore the chart, rather strive to consider the whole picture and trade accordingly, using the chart as a main ingredient of the whole picture. Take Friday's ramp job for instance - once again, the big move happened in the last hour............ 1) Because the last hour or so has had big moves for the last few months, traders should be expecting big moves in the last hour. 2) As the last hour approached, we were forming an intraday double bottom right at recent support ~ Thursday's lows. 3) Failing to make new lows = possible reversal coming. 4) News release gets bought, at support, at 3:00. Steve