Friday, February 29, 2008

1400.00 on the ES Needs to be Taken Out...Convincingly.

My ES SWING Chart above...
Personally, PRICE action on the ES is still very much uncertain. To show a clear path as to where PRICE is really going, 1400.00 must be taken out convincingly, on any upmove.
If not, we will just continue to bounce within the trading ranges, until a big move to the upside, or downside happens.

Incidentally, PRICE is now in PRIME, on the SWING Chart. We would need to have a failure of Support, on the TREND Chart, to confirm Support, on the SWING Chart, and this will then bring PRICE back up to challenge last Resistance of 1390.00, which was established on Wednesday night's trading session.


Anonymous said...

are you making money trading this method?

gerimegaly said...

1) Did I start this Blog in Oct 2006, just to make money from Adsense & Affiliate Programs?
My total earnings, to date, from Adsense & Affiliate Programs have only amounted to less than US$700. That works out to only US$41 a mth. Don't think I'm making money maintaining a Blog. In fact, come to think of it, I'm losing money in this "business"!

2) Is the purpose of this Blog, for me to gain recognition?
Hmmm...I think I have better ways to do that, than to maintain one on Futures Trading - where the traffic is well, limited, and the Futures Trading community, so small.

3) Is this Blog meant to keep me on my toes, when Trading?
Yes. This is true. If not, why in the world would I spend time recording and minuting down, and posting on the Blog, what I see and read, from the charts? I think I have better things to do than to "waste" my time doing all this...

4) To use this Blog to earn "referral fees" from persons keen in my Mentor's method?
I don't earn a single cent for referring traders to Bill (I've referred about 4, to date - out of which only 1, took his full class room course)...Maybe I should start asking him for some referral fees? ;-)

My friend, the Holy Grail is not in the method. There are lots of trading methods around and yet many traders still fail. Why? Because the Holy Grail is YOU!! You hold the key, to your own success.
Even the most successful method, back-tested and all, placed in the wrong hands of a trader who cannot take control of his own emotions & discipline, will end up being classified as a lousy and unworkable method.

Lastly, as one of those (of Bill's students, that I know of) still using his method, without diluting it with other methods, I will leave it to your imagination as to what my answer is, to your question...
Have a good trading week ahead...

PS. Please don't bother about asking me to post my statement here as I am not selling anything, and I don't need to proof anything.