Price is hitting another MP level....may act as resisitance for a while......... http://www.charthub.com/images/2006/11/28/ES_317_VB_4.png http://www.charthub.com/images/2006/11/28/ES_317_VB_5.png
MP level is still holding to this point.......... http://www.charthub.com/images/2006/11/28/ES_317_VB_6.png
Well we need a "lower high" for the ES to have a really good short term top in place from a daily chart T/A standpoint.....we will see if this turns out to be that "lower high"........... http://www.charthub.com/images/2006/11/29/ES_317_VB_12.png One thing I think we can all agree on, is that we have had excellent trading with really strong follow through on numerous moves each day.
I am watching my defense line---12212. at this mo, bulls are still have the uphand. IMHO. 18:14 GMT Always a learner
For myself a close of the ES below the 1383.25 level one day will move me to the thought of a short term top confirmation. So far we pierced that level (1383.25) since the sell-off day and we are just trading in the range between our years highs and that level. 1383.25 is the price level I am watching to feel a chance for my SHORT swing trade to have a chance at a real good run. On the way down to 1383.25, I have a minor MP level at 1395.75 and a major level at 1389.75.
I am seldomly trading ES but take it as my YM reference. ES is the one I have to learn. For YM, it still has a chance to go above 12230 b4 the closing bell. Let's see. Always a learner 19:35GMT
That's the thing Learner, most ETers look at this scratching their heads, looking for a top, but only the daily chart shows a divergence and no initial critical lows have been broken on another hand, weekly on another hand looks very different. I can't see any bearish signs on the weekly chart. Obviously shorter time frames prevail in terms of timing, but what is the point of searching for a top, if it sure is a lot safer going with the flow when that first low is broken/closed past on daily.
Well if you are trying to build up a SHORT swing trade (from numerous position trades over a several day period), then the best possible cost basis for the overall swing in time will be constructed PRIOR to the confirmation of a short term top. To nail a good swing, you need to be taking shots PRIOR to absolute confirmation of the top being put in place....imo. This is a preemptive trade methodology and not a post-reactionary.