I studied your thread this morning. Very educational, both your and China's observations. Am I correct that I just saw an RSI switch in ES. CCI going back tru 0. Market back towards new weekly highs?
Price moved up with the channel line a tad today, and has now formed a triangle.... Thing is, RSI is in divergence. Insufficient data to say which way it will go,especially as the price is sitting slap bang mid channel.Upside break target around 9575. Downside 9400, which sits spot on channel support. 9575 is the best fit to channel boundaries.
From comments earlier, the RS Switch on CCI didn't happen.... The possible ND across yesterday's close looks like it did deliver a top. Ignoring that, there was a clear double top at 9500, where you would expect a test and drop if it wasn't going to go through. Both confirming the other, if you like. And the rest? Looks very nervous, doesn't it.... A long off the PD bottom gave two out possibilities- the third test of 9500, ( and a sort of ND, but you don't get a middle dip, so discounted!) or the 3rd peak ND at 9510. Ask yourself this.... Was the sweat of the drop from 9500 to 9480 worth the extra 10 points to catch the real 3rd peak? I don't think so. Taking the 9500 was the prudent move. Greed is the undoing of a lot of traders, where having seen a nice profit missed, they hang in there in the belief ( sorry, HOPE) that the price will come back and they will be rewarded for their patience. Dream on.
Is it my imagination or are YM/Dow slow to react to figures coming out? I sold 88 on YM and it came back to 75.
In Ftse future the reaction seems almost instant on the release of figures, ie you don't get a look in.
Toad, I look at S&P futures pre market- same thing really.
I hate these huge spike ups on news- screws TA well n good.... Oh well. I said last night 9575 looked the best fit. Luck or skill? Has to be luck, I'm afraid. The channel has now moved up a slice, by about 50 points.
Had a nice live chat with Fazalv this afternoon. He was in a quandry about hold or close.... having gone long at 9591. I picked it up around 5pm when it was trying to break 32... here, the sensible play was to hold and see what happened, with a solid out at 20, the horizontal support. It looked as if the triangle break was going to fail but just held onto 20 before running off. There were two triangle targets, 40 and 50... As the price went through 32, the stop was moved up to 32 from 20. The price then went up to 43 ( 1st target) with a pullback to 35 and then off again. As it went through 45, the stop was moved up to 45. At this point I suggested that 64 was on the cards for the next target as the price went through 50.... From there we got our customary 3 pk ND top, with an out at 65. I hope you closed then Faz.