ER2 charts

futures live trades

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humble1
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Postby humble1 » Tue May 08, 2007 11:28 pm

bearwatch wrote: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.


so you thought the gap would fill sooner and you went after the long bounce before the market setup? shame on you! I am sure you had plenty of company. I still do it.... :roll:

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humble1
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Postby humble1 » Wed May 09, 2007 12:14 pm

wedge breakdown right off gap resistance yesterday, now trading at 50% retrace of the last move. we have now had one lower high and one lower low form. short side is favored for now.

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humble1
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Postby humble1 » Wed May 09, 2007 4:35 pm

this looks shortable here....

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bh_trade
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Postby bh_trade » Wed May 09, 2007 5:21 pm

Might work, but shorts have been scurrying for cover ever since the opening tick today, very, very few willing to be short into Fed, hasn't worked well this year . . .

Good luck and profitable trading

humble1
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Postby humble1 » Wed May 09, 2007 5:40 pm

bh_trade wrote:Might work, but shorts have been scurrying for cover ever since the opening tick today, very, very few willing to be short into Fed, hasn't worked well this year . . .

Good luck and profitable trading


scalp em Tonto....

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humble1
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Postby humble1 » Wed May 09, 2007 6:52 pm

[quote="humble1"]wedge breakdown right off gap resistance yesterday, now trading at 50% retrace of the last move. we have now had one lower high and one lower low form. short side is favored for now.

the lower high statment was wrong. I apologize. I was looking at a very shorterm chart when I posted it. The lower high was obviously canceled when the market broke 834 and then held within the channel on the reaction.

bearwatch
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Postby bearwatch » Thu May 10, 2007 6:49 pm

I see a broadening pattern, tough call here.

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humble1
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Postby humble1 » Fri May 11, 2007 7:16 am

[quote="bearwatch"]I see a broadening pattern, tough call here.

that's good work. I had it as a double top breakdown so far. The dbl tops never seem to be perfectly symetrical yet they are all over the place. I also see a lot of rising channels and wedges on the tick charts. The range has definitely widened. 835 resistance refuses to act as support, and 830 refuses to act as resistance. I am still watching those levels for clues to a transition on the trend if there is one. Yesterday the bottom patterns all failed to make their measurments. This is new.

humble1
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Postby humble1 » Fri May 11, 2007 7:29 am

on the tick chart I am showing a HnS breakdown that measures to 813 as well. This pattern is valid as long as 830 holds for resistance.

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Postby humble1 » Fri May 11, 2007 4:46 pm

this may move a bit higher yet as this short term scenario plays out to close the gap from yesterday. have no idea, but to follow the markets lead.... a failure to take out 835 again would be a nice low risk short opp.

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