Thursday, May 31, 2007

New PRIME High Created on GLOBEX Trading Session

02:41pm ES PRICE just hit a recent new high at 1536.00, 02:27pm, S'pore Time. We are officially back on the Bull TREND (TREND Chart basis).

08:36pm This Bull is totally unstoppable...climbing wall after wall of worries. Another high at 1537.75
09:38pm Was not gonna fall for that SHORT ruse again by the market...Will wait for a clearer picture before taking any action.
09:43pm Signs of weakness - MATCHED PRIME Resistance Top at 1537.50, but not confirmed.
09:45pm 4 PRICE Matches so far at 1537.50. A safer Trade would be to wait for a PPF of this Matched Resistance Top.
09:56pm Was about to initiate a SHORT, with the Minor PPF but was just not comfortable. I have this lousy feeling that PRICE is heading higher again.
09:58pm Great! Consolidation.
10:01pm See! Knew they had something up their sleeves. PRICE Match again, at 1537.50
10:13pm Finally, some clarity.
10:17pm Looking for SHORTs here. Let's see whether we get a PRIME or a Minor PPF of Resistance...
10:24pm Moan, they are trying to keep PRICEs afloat. Nearly went SHORT there but the PRICE movement was terrible so I stopped myself - Pardon the Pun.
10:26pm 2 X Divergent Bottom on the Trading Chart.
10:37pm PRICE heading back to PRIME Resistance. If PRICE does not hit PRIME and goes back down to give us a Minor PPF of Support, I will look for LONGs.
10:40pm PRICE is now in PRIME Resistance. With only 2 1/2pts down to last low, I would wait for a Minor PPF, instead of going SHORT as it could possibly be the end of the down move - SWING Chart is stopping me from going SHORT, because it is still pointing up.
10:47pm Look at the pull back in looking for a possible LONG Trade.
10:51pm TREND Chart has just turned line with my LONG Trade.
11:00pm No Trade. Cancelled that LONG at the moment. PRICE is stuck here...
11:01pm If I don't get any conservative trades soon, I will call it a night...Have a day trip up north tomorrow.
11:07pm Hahaha...we are now Consolidation between PRIMEs, on the TRADING Chart.
11:19pm That lower low (1532.00) just gave us confirmation of a current TOP, at the moment (Due to the PRIME PPF of Resistance made at 1536.75 - 10:58pm / Spore Time). This level would be the key level to look out for, in order for PRICE to head lower to challenge last PRIME Support at 1512.50
11:48pm TREND Chart is trying to turn up again! Will we instead head back up to take out the immediate PRIME Resistance of 1536.75? This will indeed be interesting...
12:01am For those inclined to trading Chart Patterns, there is a falling wedge forming on my TRADING Chart.
01:38am It turned out to be a failed Breakout from a falling wedge. Am turning in for the night. No Trades.

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