tradesmart
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closed long from 9905 @ 9964 - ND on RSI - could have another little spike yet, but playing safe (?!) - could get very choppy ahead of the FOMC (as usual! 
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ps- also closed FTSE/DAX longs - mucho uncertainty about FOMC outcome - interest rates can't stay low forever with all this positive economic data pouring in (can they...!!!! )
Now see new highs tomorrow..........
)ps- also closed FTSE/DAX longs - mucho uncertainty about FOMC outcome - interest rates can't stay low forever with all this positive economic data pouring in (can they...!!!!
)Now see new highs tomorrow..........
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Jeez, you guys have ben busy. I guess I can pack up shop and go home .. :cheesy:
Anyway, I'm wrong again. I put my comp entry at 9832. Another Nil Point.( A la French)
HTH did I miss the potential Bull flag? It's crystal clear now, but then that's the bonus of hindsight.
Still, a perfect RS Swich in RSI and in the price too. What on earth were you all doing looking for shorts? It ain't Summer Yet..... :cheesy:
Anyway, I'm wrong again. I put my comp entry at 9832. Another Nil Point.( A la French)
HTH did I miss the potential Bull flag? It's crystal clear now, but then that's the bonus of hindsight.
Still, a perfect RS Swich in RSI and in the price too. What on earth were you all doing looking for shorts? It ain't Summer Yet..... :cheesy:
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Perhaps I was a bit harsh saying you shouldn't't be looking for shorts. Although today had 100+ on the table, it was going to be hard to get them.....The initial rise and consolidation would have caught those itchy fingers twitching for a short...Especially on the multiple 9900 tests. So you got out on the first ND at 9900- safe play. What next? That thick support line should have given the clue along with the ultra weak RSI ratio on the drop to 9887 at RSI 30. How big a sign do you need? Now RSI started making higher lows and the the price failed to make that support line. Time to go long... but not for long, although an out at the D top at 28 was too hard to call. Easy to see now that it was a sort of divergent top. There was also a little mini bull triangle that had a target of 9928- that didn't follow through to 32+, and a possible H&S and a reverse expanding triangle. All far too much to take in. Maybe you saw one of those and called an out...not easy.
Or you could have just sat on the gain and played on the 100MA, watching it go 11 points under the 100 to bounce twice off 9900 and off again. Sweaty palms? I think so. sitting on a 30 point drop ain't easy....
Still, the end part was easy with T1 coming up and a small retrace, then a bounce off 9954 to confirm T1, and a sweet ND top for an out at 9970. What a surprise.......closing at 9964 :cheesy:
Oh , I forgot to mention, that drop to 9900 was on a weak RSI ratio again.... the drop to 40 accounted for only a 10 point drop in the price.With RSI LOD at 30 , one could be forgiven for thinking there was only another few points to go to RSI LOD! The next 20 points showed RSI strength at 1:1.
Strangely enough, there was no volume divergence on ES at this point....There was at 17:30 though, with a triple bottom at 1060.50.
Or you could have just sat on the gain and played on the 100MA, watching it go 11 points under the 100 to bounce twice off 9900 and off again. Sweaty palms? I think so. sitting on a 30 point drop ain't easy....
Still, the end part was easy with T1 coming up and a small retrace, then a bounce off 9954 to confirm T1, and a sweet ND top for an out at 9970. What a surprise.......closing at 9964 :cheesy:
Oh , I forgot to mention, that drop to 9900 was on a weak RSI ratio again.... the drop to 40 accounted for only a 10 point drop in the price.With RSI LOD at 30 , one could be forgiven for thinking there was only another few points to go to RSI LOD! The next 20 points showed RSI strength at 1:1.
Strangely enough, there was no volume divergence on ES at this point....There was at 17:30 though, with a triple bottom at 1060.50.
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Hi CM - brill anaylisis again - I couldn't figure out why that long happened after the consolidation. Electronic stop save me again !
Regarding the major bull flag - I missed it too - was too engrossed in the smaller picture - like the bear flag at the end of fri drop and trying to justify 9900 as resistance. Those two things had me looking for a short.
Having said that, I guess that bear flag failure should have put me off shorts - but fell into the trap of thinking it can't keep on going up !
Also, looking at yesterdays consolidation @9900 on the 10 min chart, would u call that a bull flag?
Regarding the major bull flag - I missed it too - was too engrossed in the smaller picture - like the bear flag at the end of fri drop and trying to justify 9900 as resistance. Those two things had me looking for a short.
Having said that, I guess that bear flag failure should have put me off shorts - but fell into the trap of thinking it can't keep on going up !
Also, looking at yesterdays consolidation @9900 on the 10 min chart, would u call that a bull flag?
