ER2 charts

futures live trades

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humble1
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nothing has changed on the 60 minute chart.

Postby humble1 » Tue Mar 13, 2007 1:59 pm

both gaps are still open even though the price action has visted each briefly. 790 area gets a 4 th test of support this morning. if it fails, we may see some panic from the bulls and a retest of the recent lows,

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humble1
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gap is closed now

Postby humble1 » Tue Mar 13, 2007 4:33 pm

wedge breakdown, break away gap, if 50% retrace can't hold this, then it should retest 760 area.

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humble1
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tick chart with measurments

Postby humble1 » Tue Mar 13, 2007 5:50 pm

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humble1
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Postby humble1 » Wed Mar 14, 2007 12:06 pm

after the last post, another triangle formed and broke down, this morning all downside measurments are made exceot the triangle if you measure it as a flag, the next target is 771 minimum, with a full retest of 762 maximum. there is no sign of a reversal pattern at this point, and no sign of a failure of the bear patterns.

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humble1
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Postby humble1 » Wed Mar 14, 2007 2:14 pm

762 is also a neckline on the daily chart for a good size head and shoulders top, if this thing breaks and confirms with volume as well as price, then this would target 685. just have to take it one step at a time and watch what unfolds and how the price action is affected at each support and resistance level. 20 ema on the monthly chart is 752 and untested for 6 months. 720 shows well as major support on the monthly chart

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humble1
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short setup near 790

Postby humble1 » Thu Mar 15, 2007 12:23 pm

right after the l;ast post, an inverted HnS formed and broke to the upside. now the price action is near the target area and price resistance.


humble1
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small flag formed and broke out

Postby humble1 » Fri Mar 16, 2007 8:57 am

but volume is very light. just have to take it one step at a time.

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humble1
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Short from the gap in play.

Postby humble1 » Sun Mar 18, 2007 10:29 pm

this can get dicey inside the triangle as the range tightens up.

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humble1
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triangle is blown apart

Postby humble1 » Mon Mar 19, 2007 3:23 pm

on the last chart, reversal #4 never did confirm using the 3 bar rule. now this may be a wedge.
this level looks shortable to me, but risk is a little higher on this second test of resistance.

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humble1
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now near some minor support for a first test

Postby humble1 » Mon Mar 19, 2007 7:55 pm

looks like the group that is holding this up is getting smaller and smaller...with all these gaps near here, this can start popping either way like pop corn. first test of support is usually a nice bounce. the volume pattern looks bad for the bulls right now as it is not confirming the moves up in price. volume is used as a subjective confirmation tool, but price is used as the primary decision maker

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