ES Hourly
What I see when I put on a Bull's hat:
i) Price stopped by pivot at around 754, OR ii) by 752, leaving half of gap unfilled,
then plunges to 729 support, from where it takes off for 776.25 resistance, clears it, then go straight for 836 target
What I REALLY See:
1) Price making a dash for 776.25, creating a classic bull trap, then comes back down towards 737 and stalls there, creating a bear trap; bears run, price shoots up to 796.5, then free-falls to floor of dotted white uptrendline
2) Price falling to 729, finding support temporarily, goes back up, only to be stopped by 745, forms a classic partial rise, then plunges down to 720 or possibly 707 (either way, finding support at floor of dotted white uptrendline)
Ok, what I see is what I WANT TO SEE (I mean, don't we always see what we want to see?....ok, enough mf for now...) . A 3-rising valley type of bottom is simply more convincing, at least visually. Something that stands on one leg looks precariously like it's going to topple, sooner or later.
Again, will draft my game plan for today only at 5am EST.
3 comments:
Great analysis, Jules. I'm seeing #1 as well. We shall see.
Hi Jules, I tried to view your forex blog but it's said I need to be invited in order to view that blog. Could you please let me in??? thanks.
FXchartist,
the forex blog is just a scrapbook that I use to store a bunch of backtesting data and document very unorganized thoughts regarding fx. They won't make any sense to anyone except me. Anyway, I've been focusing on ES, and not been trading forex lately. All the latest fx trades are on this blog. Please refer to post labeled "FX".
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