My ES SWING Chart above...Well, what do you think? Is it merely a pull back of sorts, or is it the real thing? Unfortunately, looking at the chart above, PRICE is merely telling me that it is retracing what it lost, in the past week. Nothing has seriously changed (from a "Price Action", standpoint). In fact, a failure (PPF) to clear previous PRIME Resistance High of 1303.50, would put this whole PRICE Action as Leg 2 of Bull Break. And with the ES POSITION Chart still pointing down, and unless this last PRIME Resistance is taken out, the BEAR TREND will simply continue...
6 comments:
this is just one of those random gut feelings but I think that the intermediate trend could change because there was a ton of uncertainty in the market due to fannie and freddie. There is still more pain to come from a fundamental standpoint. I am holding off on some of my shorts though. The Key here is housing prices and unemployment numbers.
You are correct. I believe in the next few days, we should get the answer as to whether this is the start of a good thing, or just the market killing both shorts, and longs. This is because from my SWING Chart standpoint, 1303.50 needs to be taken out by the Bulls, before PRICE can resume its Bull TREND.
However, having said that, my ES POSITION Chart is still heading down to challenge last PRIME Support Low. So unless & until PRICE on my SWING Chart starts to exert itself, we could still see a Lower PRIME Support established, in the next week, or so.
BTW, thanks too, for dropping by my blog. Cheers!
Do you use Fibonacci's?
When I first started learning how to trade, I did.
But now I don't...that's because this current method that I learnt, does not use it.
that makes sense, btw what is a good mock futures trading account? Any one where I can trade options on futures also and currencies?
I can refer my Futures Broker to you, for their Simulated Trading Account...but as far as I know, they don't offer Options, on Futures.
Drop me an email at gerimegaly@yahoo.com.sg & I'll get Michelle(my broker)to send you the simulated futures platform.
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