tradesmart
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Well, doesn't look like a short to me so far today - have closed one long at 10500 (taken just after midnight at 10440 when the futs opened) - will be looking for another long for the evening session (unless things go pear shaped! 
)
The current consolidation around 10475 looks to have a target of 10550 ish to me!?
The 60min chart shows that we appear to be into a channel slope change with an expanding range - will be interested to see ChartMans comments on this....
)The current consolidation around 10475 looks to have a target of 10550 ish to me!?
The 60min chart shows that we appear to be into a channel slope change with an expanding range - will be interested to see ChartMans comments on this....
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tradesmart
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Mom, yes, it looks very bullflagish to me also - I'll wait and see what happens a bit later - it's generally after 19.00 (when they're all back from lunch US east coast time!) that the evening move happens.....
mind you, it seems to be attacking 10500 again now - the bulls can't wait!?!
mind you, it seems to be attacking 10500 again now - the bulls can't wait!?!
yeh - i figured i'd stay ut till after US lunch Was gonna go long at '72, around the time of my first post but ........
looks like 500 is going now, albeit slowly. Waitin for confirmation bounce etc - don't want it turning into a dbl top do we ...
Was gonna go long at '72, around the time of my first post but ........looks like 500 is going now, albeit slowly. Waitin for confirmation bounce etc - don't want it turning into a dbl top do we ...
tradesmart
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JE - just a retrospective - when it's trending strongly northwards as today, I've noticed that you get these apparent ND tops, but they only result in an drop of 10-20 points (or less) which is not really tradeable.......
same goes for when it's trending strongly south as on Friday - the PD on RSI on the way down will produce only a minimal rise....till it reaches the bottom that is........!
glad to say that sticking to longs today has produced quite a 'golden' day for me - I was going to have half of shandy this evening, but I'll splash out on a pint of mild instead.........
same goes for when it's trending strongly south as on Friday - the PD on RSI on the way down will produce only a minimal rise....till it reaches the bottom that is........!
glad to say that sticking to longs today has produced quite a 'golden' day for me - I was going to have half of shandy this evening, but I'll splash out on a pint of mild instead.........
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TS- you may be right about the slope change. However, I prefer to ignore the "noise" in trends, which you haven't done. It's not a case of which is right, or which is wrong. It's a case of two valid alternatives. Time will tell. Also, you rightly pointed out that in a strong trending day, The ND tops may not be the actual top, as today. That's not a good enough excuse to ignore the rules, though.... just in case. As for the apparent bottoms, ignore the temptation to go long unless you can see confirmation by way of volume divergence on ES. That's usually a pretty good qualifier. Strange that you tend to get 3 lower peaks on the vol at the right point. Don't know how/why that works, but it does. :cheesy: