Ah just beaten to the 1 minute by Chartman. I was wondering whether I had interpreted that triangle correctly (albeit too late for entry)...seems roughly so...our venerable teacher must be doing his job well!
No, seriously, the Dow is starting to make sense to me, and thanks for that are due as ever to u Cman.
Today's breakout was indeed poor of length. After 4-5 days coiling you could reasonably expect 100 points of unleashed energy. But thanks to that, as Michael Winnet would probably say, historic resistance going right back on the weekly we didn't. I know it's SPX, sorry, but as she's leading the charge she'll be the first to run into trouble, I feel. We MUST pull back from here surely. The NDs on the hourlies are screaming (but the price don't care!). Have we had the pop, ready for a drop tomorrow? I'll be keeping an eye on that uptrend line drawn on the ES 30 min chart, then 1163. If these go, heh heh, my swing will be happy.
As I said I was reluctant to buy the breakout (yeah, yeah; country mile...I know! I meant down only, erm...anyway) , so the only thing I managed was a wee short off the 3 pk Tick/RSI ND around 19:35. The preceding volume climax provided encouragement that the move up was nearly exhausted. But not a day to be short for long (A/D ratio was well bullish, participation from majority of indices, breakout etc.) so just a quick scalp for 10. I'd hoped the gap would be closed in the morning for a long but it took off, or should I say ground slowly up in a frustrating fashion, without bothering. Never mind. Missing the pullback to the top of the triangle was silly though. My concentration must have been waning.
I know I'm not a regular here (I intend to change that) but tis still worth saying congrats to Justyn - nice one fella.
