In an effort to help all you guys understand a little better how I get my S/R numbers and even why I consider S/R a very depenable method to trade I am always searching for new ways to present it. This morning I came upon a website with some very good info on te chart patterns that I have been posting lately. As I have said in the past these patterns seen on a 5 or 15 minute chart today or yesterday are probably areas I'll be using as my S/R numbers tomorrow. Learning to spot them while they are happening takes some practice but offers a great way to trade and it can be done safely. This morning I copied and pasted these patterns in a very easy to read document and then added my notes to some (in red). I have been drawing them on my charts in real time so that you could watch and see what happens. This is a good practice to get into before trading it. With input of several guys in here it would be very easy to keep your eyes on the charts for these patterns. I hope you guys like this: 4re
Watching World Cup over here, England out, what a disappointment. I kinda felt that they would lose in such a manner.
I haven't even been keeping up with the World Cup that much. Who beat you guys out of it? I have been working today so I can take off the rest of the weekend. I think I am going to study some charts this weekend. Aint I exciting.
Portugal, on penalties. What a show of shame that was! Only scored 1 penalty out of possible 5. Let me know if you find something good. I've downloaded all your recent stuff & will be checking it out tomorrow in the evening. Have a nice rest, you deserve it.
I understand Potugal is pretty decent team though. This recent stuff is mainly just to show a little more about the break out patterns. Good reading though. Take Care, 4re
Yes, yes, can't dispute too much...but did you have a look at weekly? Specifically have a look at CCI and compare to previous times when S&P went into oversold mode (not overbought!), also check out RSI @ 50 here and 20MA on weekly. Just by making some quick comparisons it is obvious, to me anyway, that there is definitely more upside to follow, but of course there MIGHT be a pullback and let's hope there is one so we can all benefit from this.
I usually don't look that far out as it can have you looking at a totally different trend than the timeframe I am trading. The weekly does lead you to believe that we are either going to have a good August rally or that we have begun a new bear market. I would expect the august rally though. Since I am more of an intraday trader on the Emini it is better for me to focus on the short to mid term trends. The weekly puts us into a longterm trend which is good for B1S1 but not so much for intraday. I sure hope that chart does lead to a good rally in August as it is easier to make money in a bull market... 4re
PT1 1295 by the end of the week (or I'll start chewing my shorts), PT2 1310 or 1282.75 if ES starts declining after 20MA has been reached.
Any data vendor that provides intra-day or end-of-day data can give you TRIN and VXO (or VIX) information. They are very useful to traders of all time frames, and although 4re don't mess with 'em, I like to use 'em as a guide to keep me on the right side of the market. Jimmy Jam P.S. If you google them you will find a wealth of information about the little buggers.