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Carl, your guesstimate of 1093 for the support end of today's range has been right on, sofar, as that did prove to be the morning low.However, the trendline on the hourly chart for ES has been broken. We may, at most, back test the trendline.Moreover, market internals show today to be a clear downtrend day.Have we seen the low for the day? Maybe not.Carl, by trying to buy the "bottom", is this trade violating your normal practice of buying breakouts?
Nice entry, Carl.I made a similar comment (and covered some shorts) at about the same time:http://obamagirl7.blogspot.com/2009/12/thursday-dec-17-2009.html#comment-26150982"Looks like the market is making a double bottom today at ~ES 1094 so far, as the selling volume at 11:30 AM was 100k ES contracts only."
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2 comments:
Carl, your guesstimate of 1093 for the support end of today's range has been right on, sofar, as that did prove to be the morning low.
However, the trendline on the hourly chart for ES has been broken. We may, at most, back test the trendline.
Moreover, market internals show today to be a clear downtrend day.
Have we seen the low for the day? Maybe not.
Carl, by trying to buy the "bottom", is this trade violating your normal practice of buying breakouts?
Nice entry, Carl.
I made a similar comment (and covered some shorts) at about the same time:
http://obamagirl7.blogspot.com/2009/12/thursday-dec-17-2009.html#comment-26150982
"Looks like the market is making a double bottom today at ~ES 1094 so far, as the selling volume at 11:30 AM was 100k ES contracts only."
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