possible "V" formation here in the ES

Discussion in 'Index Futures' started by BoyPlunger, Nov 21, 2008.

  1. I have to admit this is a bit of a hunch call, and many ETers look down on these, but the chart of the ES today (21 nov) looks a lot to me like it did on 7 nov and 13 nov. sharp move down in the morning of about 15 or 20 points, then an immediate move back up, then a drift along for a half hour or so. i guess you could call it reverse head and shoulders. whatever it is, it looks like a buy to me, so i bought some at 753.5. my stop is 737 (though i may exit before if the pattern doesn't look the way i imagine it) i will probably sell half if we get up to 798 or so and let the other half ride.
    pleae note i am not 'calling a bottom' overall in the market lol
  2. ammo


  3. i'm out at 779.
  4. that's a 25.5 points gain * $50.00 = $1275/ contract. Is that right? :D