ER2 charts

futures live trades

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humble1
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price action approaches 50% retrace

Postby humble1 » Mon Mar 05, 2007 1:54 pm

on the daily chart and for now all downside targets have been made on the tick chart. Bears will get nervous fast if they feel this will go no lower.

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humble1
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Postby humble1 » Mon Mar 05, 2007 3:09 pm

the tick chart so far

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humble1
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Postby humble1 » Mon Mar 05, 2007 3:21 pm

flag target got hit at 777.50 and there is enough supply at this level to stall things for a while

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Postby humble1 » Mon Mar 05, 2007 3:31 pm

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humble1
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Postby humble1 » Mon Mar 05, 2007 4:24 pm

inverted Hns has triggered and confirmed on the test of 770 @50% retrace. The near term range is 778 to 770. a move above 778.8 [ HOD ] should set off more bears.

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moneymarkets
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Postby moneymarkets » Tue Mar 06, 2007 3:31 am

Looks like a good Fib Tool. Would mind telling us what this one is? :)

humble1
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Postby humble1 » Tue Mar 06, 2007 10:58 am

moneymarkets wrote:Looks like a good Fib Tool. Would mind telling us what this one is? :)


It is just the standard tool that comes with Tradestation. I set it manually as the price action changes and reveal the new peaks and valleys.

humble1
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Postby humble1 » Tue Mar 06, 2007 11:07 am

last we were looking at the confirmation of the inverted HnS bottom, and it failed. Just because a pattern confirms doesn't automatically mean it will follow through. When it doesn't act right, then it is time top bail and step back and join in with the trend as the entries present themselves, there were plenty of opps to short this. Now, something has caused a brief pop and they have taken 8 points of juice out of the price action before the open. Typical action for a market looking for support. Bears get spooked easy and bulls get brave.

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Postby humble1 » Tue Mar 06, 2007 2:44 pm

nice bounce off the 50% retrace on the daily chart posted above. I think I got a little ahead of myself yesterday in anticipation of an earlier attack by the bulls. Such is life. last week's close is 774.10 for resistaqnce

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Postby humble1 » Tue Mar 06, 2007 2:49 pm

in spite of all the supoprt this is near, the short side is still favored until there is a confirmed reversal of resistance to support. not always real clear to see in the heat of battle.
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