ER2 charts

[humble1]

Yes, in smaller timeframe, I saw a bear flag that had the look of a rising wedge. I missed it when it when down fast and reached target. Now, looking at your chart, I realized a parallel channel is at 806 and pushing back up. I missed that drawing that completely.

draw plines everytime you see a minor top or bottom, especially on the higher time frames no one picked up on my leaving the double top off the charts, just made it's downside target as i write.

[humble1]

[humble1]

is now in play providing moving average support along with the action on the tick charts. This level is key for today, if it fails as support, then we go down to test 792 area or 50% retrace. volume is light so far [duh, everyone can see that] we saw light volume inside a rising wedge too, but that ended up in an upside explosion. volume is not working well for a confirmation tool right now. I have an opinion on this, I think they use all the obvious things like volume and other static indicators to confuse traders. I can't prove it, but it sure feels that way. So try not to let anything talk you into or out of a trade other than the price action and risk benchmarks.

[humble1]

this bounced off the 20 ema weekly moving average today. the bears may get nervous here if they think this support will hold. small inverted hns on the tick chart playing out to target 810.65

[humble1]

possible bottoming going on here. needs to be confirmed yet

[zeller4]

humble1,
how do you decide which tick bar quantities are good ones to use? have you tested several readings/settings? are some times of day better for certain settings?
kz

[Patch]

Humble1

Thank you for your faithfulness in posting your TS screen shots faithfully. I look forward to doing the same soon.

Patch the Pirate
In VA

[humble1]

humble1,
how do you decide which tick bar quantities are good ones to use? have you tested several readings/settings? are some times of day better for certain settings?
kz

The higher time frames always give the best picture of the market. Anything below 1100 ticks per bar is just noise. The patterns in the lower time frames occur so rapidly in a fast market you can't keep up with them and you can get lost.

In the end, it is the price action that determines which chart to look at. Yesterday the daily and the weekly charts came into play because the price had reached important spots on both of those charts.

[bearwatch]

797 was a perfect spot to reverse, right on the weekly support. Wow!

Looks like double-bottom is finally confirmed?

[humble1]

[quote="bearwatch"]797 was a perfect spot to reverse, right on the weekly support. Wow!

Looks like double-bottom is finally confirmed?

it is going that way, I would use the 3 bar rule on the 60 minute chart for further evidence of confirmation. unfortunatly confirmation is always an after the fact situation. the higher lows and higher highs on the 1100 tick chart I posted yesterday is also pointing to a move higher.