Have we just completed the head of an H+S, visible on ES 5 + 10 min charts, or part of an inverse H+S on the 30 min ?
As I've no idea which I shall stay out for the moment!
Inverted h&s formed (in pink), with a shallow right shoulder, and now we're just forming the 2nd wave of a 5 wave up (in green), so looks like one more leg to go.
INDU and COMPX are still not in sync, so it will probably carry on being tortuous until the close. By that time they might have sorted out their differences, which would look good for a nice trending day tomorrow.
Not really, From here 1153.5, I could see a move to 1151 then 1147, on an H+S or 1157ish on an inv H+S, still not sure but with Tick in mainly positive territory for the last 4 hrs I slightly favour the long side, but still flat at the mo
You must be bored mate... watching vxn. Your tick break was worth a point and a bit anyway.. nice one. There was also a sneaky positive div onTICK vs es at 13:16.
Good positive tick move at the close but with so little move on the spx it looks like it must have been all small caps, especially as the dow simply couldn't be bothered.
btw, meant to ask how you were getting on with the three screens?
1 trade today, shown in purple, Long at 1100, out 1215
( + 2.2 ), helped by the RSI PD on 1 min INDU
Sorely tempted to take the trade shown in blue, but resisted due to Tick mostly above zero line. Would have been worth a couple as tick also showed a decent exit.
However starting to see a few more things and looking at a few more timeframes. I shall continue to look at the 1 min Dow with RSI (14) as to the unexperienced eye it seems to give confirmation to some of the tick divs.
Bored. More like comatose today. Today was so messy but got some good calls on the tick. Drawing my little triangles helps. Then I look for support or resistance within the triangle. I am probably doing it all wrong but it seems to be working.
I have the Trin, VIX and VXN up and running as I find then good directional indicators.
Going to four screens soon. The plan is 4 times 19 inch monitors. I am also changing my pc. Looking to buy a server instead with two hard drives and the graphics card already installed. It's going to be one powerful SOB. Just like giving the keys of a Ferrari to a learner. LOL.
I am also looking at the 1 minute chart but only to assess what volume is doing at bottoms, tops and break outs. I tried it today at it help in my timing of the entry.
I used to use the old vix when I was trading oex options. It another one I haven't bothered with in years. Used to periodically check the Connors vix reversal signals but haven;t bothered since they arsed about with it.... .. and came up with vxn.
Like everything else.... if they give you confidence and speak to you, then they are worth the screen space. I'm still checking out volume. I've even been spending time just watching a ticker/time and sales without a chart, to see if I can get a better feel.......... kind of makes multiple screens redundant
Four screens is an interesting one.... Like Skim, I've found that that three is just about right, not requiring much frantic neck movement or chair spinning Unless you get one of them there fancy mount jobs to put 'em on top of each other.