ER2 charts

futures live trades

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bearwatch
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Postby bearwatch » Thu May 03, 2007 1:48 pm

835-840 look like strong resistance area. I'm watching for breakout or failure here.

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humble1
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60 minute chart lloks like it will pull back from here

Postby humble1 » Thu May 03, 2007 7:57 pm

if 830 can't hold for support, then down she goes....822 is 50% retrace.... on the flip side if 835 gets broken again, and volume picks up, then the gap should fill and then some....typical chop after a trend day.

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humble1
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Postby humble1 » Mon May 07, 2007 12:08 am

based on the last 60 minute chart I posted, 835 resistance was broken Friday and I will be watching to see if it is used for support....if so, the gap should fill. I consider 830 an important level, and if it is broken and used for resistance, or if a continuation pattern sets up after the break, then I will be on the short side.

bearwatch
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Postby bearwatch » Mon May 07, 2007 11:32 am

Looks like the 840 might be tested again. Moment of truth or toothless? I'm still watching for the possible fallout here, volume seems to be dragging.

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humble1
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Postby humble1 » Mon May 07, 2007 12:10 pm

[quote="bearwatch"]Looks like the 840 might be tested again. Moment of truth or toothless? I'm still watching for the possible fallout here, volume seems to be dragging.

small triangle breakout on Friday measures 841.6

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humble1
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Postby humble1 » Tue May 08, 2007 8:47 am

835 clearly failed as support short term and is now established as resistance. I suspect we will see a test of 830 today.

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humble1
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Postby humble1 » Tue May 08, 2007 2:11 pm

patterns in play now - 60 minute chart wedge breakdown = target of 810 also gap support on the tick charts, dbl top breakdown, target has been made along with 50% retrace all near 824....watching here for a bounce setup.


830 was briefly used for resistance right after the open today, that was also the neckline for the double top.

humble1
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Postby humble1 » Tue May 08, 2007 3:31 pm

nice bounce off that 50% fib retrace....this is what I have now. inverted hns bottom in play. targets 831. note 825.50 level has changed from resistance to support for now. watching 827.30 for another pattern, maybe a triangle.

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humble1
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bottom targets made

Postby humble1 » Tue May 08, 2007 5:29 pm

a flag here would send it to 838

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bearwatch
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Postby bearwatch » Tue May 08, 2007 9:31 pm

I managed to catch the 50% retrace but made a stupid mistake of having a bias to fill the gap when the market opened. I managed to cut back the losses. Live and learn... again.

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