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Fork In The Road
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Fork In The Road

by The MoleMarch 21, 2011

Well, folks – it all comes down to this. We are now at the brink of what I imagine will be an explosive move.

To quote Yogi Bera: If you come to a fork in the road – take it! 😉

Charts and commentary below for anyone donning a secret decoder ring. If you are interested in becoming a Gold member then don’t waste time and sign up here. And if you are a Zero subscriber it includes access to all Gold posts, so you actually get double the bang for your buck.

Please login or register for Zero Data Feed (non-recurring) or ES Gold (non-recurring) or geronimo/ES (recurring) or evil.rat/ES to view this content.


About The Author
The Mole
Mole created Evil Speculator amidst the chaos of the financial crisis in early August of 2008. His vision for Evil Speculator is a refuge of reason, hands-on trading knowledge, and inspiration for traders of all ages and stripes. You can follow him and his nefarious schemes at the usual social media waterholes.
Enjoyed this post? Consider a small donation to keep those evil deeds coming!

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  • https://evilspeculator.com molecool

    Heck – where IS everyone?

  • ds2

    They all fell asleep watching the tape go nowhere – unless of course they are watching the dollar.

  • SW6

    There's a fork in the road Mole, but everyone's busy standing on a knife's edge. 🙂

  • BearStearned

    I am drowning in my /DX long position

  • volar

    MOLE-well said.

    and that is why when people buy 14MM in equity puts- you dont follow the herd….

    what does anybody here think the sellers of all those are not going to make some money?

    Supply and demand…. the retail retards demand the 14MM in puts in panic, while GS sells them.

    But we may get another down move IMO

  • raised_by_wolves

    Maybe they went balls out short on PRAN Friday and made the mistake of not covering at the end of the day.

  • tradingmom

    Mole….while we're talking about the subject that we're not supposed to be talking about…have you seen Glenn Neely's count? He's got SPX in an expanding triangle at the top of a huge wave B (meaning that the correction from '08 is a big A-B-C if I understand correctly, with wave C about to start. In his triangle, the b and the d waves can and do overlap and a dramatic e is supposed to unfold down really soon. Thoughts/comments/etc?

  • DarthTrader

    Nice Mole I was just thinking the same thing.

    Silver has been coiling all day just under resistance in the face of Falling Dollar Rallying Euro.

    The question is: Has it been coiling until after market close when it will explode up to confirm the Dollar/Euro move or will it remain in shackles until the Dollar/Euro reverses then sell off in tandem or neither

    RBW I have some Nice Articles on Silver linked in the last post from this morning. Thought you would like em

  • Joe_Jones

    copper broken 5 min triangle to the upside

  • Schwerepunkt

    Is the fork in the road or embedded in every shorts' keister?

  • amokta

    I suspect premature shorting resulting in short-circuiting

  • amokta

    You've been lying low for a while?

  • http://chartsandthat.blogspot.com/ ultra

    Internals are interesting. A/D strong, but up/down vol diverging, which is probably why SPX:TRIN is on the floor. Looks about as far down as it goes in fact – so either the market drops hard or it floats sideways and burns off the, er, oversold condition?

    http://tinyurl.com/6k47bza

  • Joe_Jones

    SPX 15 min shooting star

  • volar

    RBW.. per our last convo

    I think DBO only plays contracts on the back of the curve- or they time it somehow

    http://content.screencast.com/

  • http://chartsandthat.blogspot.com/ ultra

    Euro very close to very interesting

    http://tinyurl.com/6hb993l

  • OldChicago

    A cheap plastic fork? No SILVER fork? Is there a message here? 🙂

  • OldChicago

    Dollar in sharp falling wedge on 5min.

  • http://iberianviews.blogspot.com/ catracho

    for us ew challenged is that a C wave down or up? 🙂

  • Joe_Jones

    It just broke the support line on its 5min ascending triangle

  • tradingmom

    Down — don't worry, I'm EW challenged too…I think everyone is!

  • Joe_Jones

    Ha!Ha! Right answer! LOL!

  • amygdala7

    Aaand Squeeze!

  • Joe_Jones

    That's bullish for bucky

  • apeakunderthehood

    http://apeakunderthehood.blogs

    Bye Bye Affordable American Pie.

  • raised_by_wolves

    I only have a vague idea about the meaning of the language we're using. If they play contracts on the back of the curve, does that mean they sell buy front month futures and buy later dated futures?

    If they time it, maybe they are front running Goldman Sachs. 😉

    I know you don't trade ETFs, but if you did, would you feel more comfortable using DBO than USO as a trading vehicle?

  • Joe_Jones

    could be headfake

  • Schwerepunkt

    I spent last week on a Caribbean cruise (embarked from San Juan then St. Thomas, Dominica, Grenada, Bonaire and Aruba). Got back late last night. Weather was great and the trip enjoyable, but man did I miss out on a lot of news and market delta!

    Kudos to CS for his brave short call today. Bravissimo!

  • Joe_Jones

    I'll have fish and sheep tonight

  • raised_by_wolves

    If the highlights are blown out because the fork is reflecting to much light for the sensor to pick up, then that could be a . . . stainless steel fork.

  • http://chartsandthat.blogspot.com/ ultra

    Shooting star, closed outside both BBs, last period on the 60 min.

  • ds2

    New resistance line I mentioned earlier.
    http://screencast.com/t/yGbOM8

  • https://evilspeculator.com molecool

    I never followed Neely and have no intentions of doing so – neither will I ever follow anyone else's wave count. They all have been continuously wrong for long periods of time – you may as well toss a coin.

  • Schwerepunkt

    A visit to ES1301 (61.8 retrace) before turning back down would be despicably evil.

  • ronebadger

    Today's 5min ES tracing an eversoslight pattern of lower highs and lower lows…maybe too small to make a difference???

  • tradingmom

    A move to ES1301 would probably complete this wedge — thanks ds2 for pointing out the top line of the wedge.

    http://screencast.com/t/moePqh

  • Battlezone

    Anyone else see this as a bullish divergence?
    I got a nice entry long, but we'll see if we can make it over the VWAP. Would be interested in a more veteran read on that “divergence”.

    http://i52.tinypic.com/2yo25pv

  • volar

    The language is very simple actually. i think DBO buys contracts like DECEMBER 2011 crude- not APR or MAY Crude.

    commodities- in general- are liquid and volatile on the front (aka the first 4 months H,J,K,M contracts) and the opposite on the back (aka the backish months QUVZ)

    So USO buys APR and MAY and when those expire- they roll to JUN, JUL

    I presume DBO buys AUG/SEP and just holds it for some time- until Contango changes or something…

    They must have rules to do this- but that “role yield/carry/convenience yield” they mentioned that they “optimize” simply means they buy the cheapest month 🙂

    so.. DBO is prob a little bit less volatile, and likely a better product.

    but i have never found ETNs to be able to replace futures.

    GOLD and SLV hold “physical”- which makes them a much better idea

    OIH and other stock/oil ETF's actually hold physical if u think about it.. bc they deal with the raw commodity

    so DBO is better than USO, but OIH or some other OIL stock ETF is likely a better choice.

  • ds2

    If you bought that low, I'd move stop to even and be careful trying to swing it overnight.

  • Battlezone

    … took some profits at the vwap, letting the rest ride (and fail, it appears)

  • tradingmom

    I'd call that a good divergence, plus an entry at one of the 2nd std dev bands is usually a good entry. i'd take partial profits at vwap since it might act as resistance first.

  • volar

    careful drawing wedges from prior moves- bad habit IMO

    below is not Elliot wave- just random labels. Once a move has been established (i use EW to guess at that) I do not touch intermediate moves

    – so the left part of your wedge is a useless line. Just saying be careful with those

    http://content.screencast.com/

  • BobbyLow

    “so DBO is better than USO, but OIH or some other OIL stock ETF is likely a better choice.”

    I've been out all day and just picked up on this. I agree 100%.

    USO is nothing but a complete piece of Shit to screw over retail traders who think they want to play on the Oil Bidness.

    OIH or XLE is a much better choice by far. IMNSHO

  • Battlezone

    OK that's enough. That Zero is a scalper's friend!

  • tradingmom

    Thanks, Volar. By the “left” line, I assume you mean what I would call the higher line, which came from ds2's chart. Curious, why not use lines from previous moves? It seems to me that they are often respected.

  • OldChicago

    ES is still running fiercefully after hour… Hm…

  • ds2

    Modified to rising wedge. I'm ignoring the shoot to the low as noise.

    http://screencast.com/t/KPFDQs

  • raised_by_wolves

    OIH is the 23rd most popular ETF, and somehow I had forgotten it existed. DBO kicked USO's ass, and OIH kicked DBO's ass.

    http://content.screencast.com/

  • volar

    yes so using your chart.

    http://content.screencast.com/

    now notice…

    http://content.screencast.com/

    all i am saying is when the trend changes- all priors are now resistance- but not 2 b used in wedges…

    here is a bunch- notice no moves overlap

    http://content.screencast.com/

  • Wave_Surfer

    Seems like SPX wants to go up another 1 or 2% with waning momentum to allow for a move down again. Who knows if the next trip down is new lows or just working off overbought so it can charge up to new highs.

    Zero and other indicators looking fairly bullish and after jumping up strong and then going sideways to work off over bought it should be ready for another thrust up around now.

    At least that is what I hear the tape saying to me.

  • volar

    if u want to see what annoys me every single morning- lack of discipline to his craft

    Here is what shows up every day on Slope of hope:

    http://www.screencast.com/user

    notice EVERY LINE IS ENTIRELY useless and meaningless- just random noise IMO

  • https://evilspeculator.com molecool

    Indeed 🙂

  • https://evilspeculator.com molecool

    I'm staying out of this. Let's just focus on producing quality work here on ES. Bitching about other people's work distracts us from our core concern which is to bank coin.

  • volar

    cheers. I was actually not critiquing TK- just pointing out charts i see every morning that are just lines- cant say i have seen TK do that one honestly

  • volar

    Lots of stocks in OIH- used to cover them as an analyst for a living. But once i figured out how USO worked- I have avoided the ETNs in general- especially USO and UNG

  • convictscott

    Good morning! The entry sucked ass, I should have done as Volar suggested and wait for upside momentum to wane out, or used the zero for finesse an exit.

    Still I'm still in the trade, short from 1290 with a stop 1296.5. At the time of typing im down 1.75 points, or .25R. I will exit the trade, I can wear .25R losses forever as long as they dont turn into real losses.

    Also, new information came in today. The bulls arent weak anymore! To not even *attempt* a gap fill is very strong. The market virtually had to pause today where it did, thats incredibly strong resistance.

    To me the new information suggests we arent in an “exhaust bullish momentum and clear out weak hands before plummet” Instead, new information suggests that we are in “battle for 1300

    The churn at the top….. Our new friends at some other blog suggested “if it gets to 12000 im shorting everything with a ticker symbol” That churn for most of the day was bears getting positioned.

    If we gap and go from here, its going to start a motive wave and give us a real shot at new highs.

    The bearish case is still intact, but its gone from being highest probability to 50/50

    So long trades go back on the table

  • convictscott

    If you were looking for a guru to follow you might be able to find one with a better than 5% success rate.

    Like a homeless guy anywhere should be able to tell you what the dow is going to do better than him.

    There is a reason muppets like him and the wavewank crowd dont post their records (actually they dont keep their own records) – its because in the cold light of day that shit does not have an edge.

    Elliot wave tells us many useful things about price action, predicting the future is not one of them

  • Battlezone

    Thanks for the feedback, that's exactly what I did. For confirmation I'd been looking for the /DX to roll over a little, which it did after taking its sweet time — but somehow it was all too iffy so i felt lucky to get back to the vwap and close the rest.

    The fast Zero makes strong turns! In my opinion, Mole's fine-tuning on the smoothing factors is some subtle dark art… a really good blend that wiggles when things are choppy, but makes clean decisive turns when things are moving large… and does it all with what appears to be Zero latency. ( wtf lol 😉

  • Battlezone

    Thx for your thoughts. I'm not much for holding overnight, usually — was just looking for a quick hike to the vwap.

    Very much agree about “aggressive stop adjustment”, especially on reversal bids. Cheers.

  • convictscott

    Trade idea, nice looking small range inside bar on the crude daily chart… As Mole says the next move should be explosive, cant pick a direction

  • convictscott

    Actually despite my issues with those who claim to predict the future, TK is actually a very very good chartist.

  • volar

    prob up to ole bucky … speaking of bucky… bucky needs a bounce- even if it is a dead cat bounce

    http://content.screencast.com/

  • Joe_Jones

    Sick

  • Battlezone

    +1 LOL

  • tradingmom

    Thank you! This was really helpful. The examples are so clear 🙂

  • http://chartsandthat.blogspot.com/ ultra

    Inside bar last 60 on 6E…

  • convictscott

    And retest variation sell

  • volar

    but this had NOTHING to do with TK

    a *guest* posts there every morning- so to be clear- not referring to TK here.

    the guest can get a little to excited with AH charts and lines from every high-

    i like most of the guest's work, but sometimes- like the chart above- are just lines-nothing more orless

  • ds2

    Volar – thanks for your comments on not using part of the previous wave in charting. I have modified my take and here is what you get.

    http://screencast.com/t/VlHiOc

    Going up?!?!?!

  • volar

    we never know the direction. All i am saying is it is a bad habbit- once you break a clear trend to draw lines from previous highs

    those highs can be used as resistance- but i have found that lines from previous trends are just lines – nothing more

    1 of a few things EW gets right- lines form 1-3 and 2-4 , not much more.

  • http://chartsandthat.blogspot.com/ ultra

    Nice. What I was thinking.

  • volar

    per the direction part of your question- I will just turn it over to what mole just said:

    we have finished ABC and are motive up

    or

    we are in ii of 3 down

    both say we should be about a minimum of 75 points away from where we are today (up or down)

  • Joe_Jones

    Today's top was Fib 61.8% retracement of the 1332-1249 drop.

    Now what does it mean….we'll see tomorrow

  • Southern

    VERY well put Scott. I guess this week will tell the story! Not necessarily tomorrow because I think they make an inside day just to jack with the bulls and the bears. We will find out soon enough. Thanks for your thoughts!

  • http://chartsandthat.blogspot.com/ ultra

    Mr VIX – the last time we saw such a dramatic spike was on May 6th, the day of the flash crash and also coincidentally that the blue lot took over in the UK. No such dramatic price action this time around, but you will note that was far from the end of the down move.

    As Mole alluded, we have now broken the mid-line on the fast Bollinger and the next support is the mid-line of the slow Bollinger just under 19. Volatility of volatility as measured by the ATR looks to be well out-of-the-bag though, suggesting that VIX is not done to the upside. At the least we should see a retest of the high of 31.28.

    So stay patient and be ready for more downside – because it just might come.

    http://stockcharts.com/h-sc/ui

  • convictscott

    Do you remember there was a guy on evilspeculator that used to post every day calling a top, using all kinds of weird nonsensical lines… 99er

    Every day wrong, every day he had another crack

  • rg64

    Yes I remember him well….I finally had to say something. He posted 5 min trendlines and called for a reversal every 15 mins.

  • volar

    ya, poor chap. Seemed like a gent., but that bias, and whatever those butterflies were, did not help.

  • Joe_Jones

    “Patience is the Strength but the Stupidity of the Bear”
    JJ
    March 2011

  • https://evilspeculator.com molecool

    Hehe 🙂

  • https://evilspeculator.com molecool

    Yes, contrary to common believe it's usually not your vices that do you in – it's what you think are your 'strengths'.

    I believe there is an important life lesson here.

  • Joe_Jones

    “It's usually not your vices that do you in – it's what you think are your 'strengths'.”
    Molecool
    March 2011

    That would look good in ES Dojo. A lot of wiseness here.

  • ds2

    Thanks ultra. I like this point of view as much as the other one right now.

  • http://practicalt.blogspot.com/ Gold_Gerb

    it's all mental masturbation.
    trade the TAPE.

    or, make a plan for both – trade the plan.
    😉

  • Turps

    but clever

  • http://practicalt.blogspot.com/ Gold_Gerb

    I look forward to the spoon article tomorrow
    http://1.bp.blogspot.com/_n4dz
    😉

  • skynard

    We have met the 50% retracement of market high to 1241.25 low (1292.13), looking for the market to make or exceed 61.8%/78.6% @ 1304.13/1321.23. Will exit longs in this area and wait for a short set-up.

  • convictscott

    Ahhh, he learns!

  • volar

    lol

  • DarthTrader

    Dallas Fed Pres Fisher & Warren Buffett both talking about QEII should be ended in separate reports.

    Looks like the Media is Laying groundwork for what is to come.

    Haven't had CNBC on for quite a months

  • volar

    i just have to say one thing

    DTN has the best TICK

    Mole is correct- dont bother with other TICK data IMNSHO

  • amygdala7

    I am using think or swim tick seems ok what is DTN?

  • skynard

    Looking like consolidation day.

  • http://pulse.yahoo.com/_QQ6RJGFA7GJWZEW77TXBZASOHQ Ashish

    Can you please post the link for the Warren Buffett one. I am interested in reading what he is saying. Thanks.

  • tradingmom

    I don't want to cause any undue excitement…but I think everyone should look at the $SPX chart from the feb 18th high until now, and then go back and look at SPX from April 26 through May 6. There are many similarities. Right now, we have rallied right back up to the underside of the 20 and 50 MAs. Also, if you draw a trendline down from the 1332 peak it intersects at the same point. That seems like a lot of strong, overhead resistance. Reminds me of Mole's “Mother of all trades” setup from last year, except that was post flash crash.

  • amygdala7

    SPY seems to be inside a two day channel

  • Southern

    Is that one huge triangle on the ZL? (from 8am yesterday to start of today for down trend and from 10:30am yesterday to 9am today for up trend?) Probably doesn't matter, just curious.

  • ronebadger

    It appears to be a BIG waving flag…what does that mean? I don't know…yet….sit tight, we should know soon (I think)

  • tradingmom

    If that wasn't clear, I meant April 26, 2010. Sorry!

  • Southern

    Pushing VWAP down…. maybe a head fake, maybe not… I don't trust any moves!

  • amokta

    Market speak with Fork tongue

    Looks like we are in for a wild ride to Valhalla

  • Joe_Jones

    I have no intention to become a martyr.
    😉

  • Joe_Jones

    15 min SPX variation sell setup now

  • https://evilspeculator.com molecool

    You are welcome 😉

  • https://evilspeculator.com molecool

    Quiet here today. Tape clinging thus far – bears not making a move. I was hoping to see some candle setups from Scott. Come on folks – this is a great setup!!

  • volar

    honestly one of my better moves- they have good put call tick data as well

  • https://evilspeculator.com molecool

    Just make sure you die with sword in hand.

  • volar

    YUP long or short- inside days are great setups

  • Joe_Jones

    30 min SPX variation sell setup now

  • raised_by_wolves

    Bernanke needs to get a high frequency moving average above here:

    http://content.screencast.com/

    If he can't do it intraday, maybe he'll have to resort to the gap up method still yet once again.

  • captainboom

    Short from Scott's setup yesterday on a paper trade. Moved the stop to BE on that dip below VWAP a while back.

    Edit: short from 1293.25

  • ronebadger

    still got lower highs and lower lows on 5min ES

  • raised_by_wolves

    Yes, I know red is a low frequency color. I just went with whatever colors TOS gave me.

  • tradingmom

    Oh….I finally saw the triangle! Getting close to the breaking point don't you think?

  • https://evilspeculator.com molecool

    Yes, as I said – waiting for an inside day.

  • tradingmom

    Triangles with one side that is “flat” — which way to they break? Toward the flat side or the angled side?

  • bluprint

    Inside period is getting ready to form (in 15 mins) on the eur/usd both 2hr and 1hr.

  • OldChicago

    If we have an inside day today, is this bullish? or neutral?

  • amokta

    Lets, see we may have to postpone trip!

  • amokta

    break of an inside day, either up, or down is whats gives the direction to place trade in (i.e. edge)

    Having said that need to see if tape is not stuck in a chop pattern (i.e. low trading edge generally)

  • amokta

    Anyone got a view on uranium stocks – are they in a post-bubble terminal decline?

  • Joe_Jones

    sell setup triggered?

  • captainboom

    Take a look at Bulkowski's site. Might help.

    http://thepatternsite.com/visu

  • OldChicago

    Noticed that VIX hardly moved, so far, with all this yo-yo action.

  • amygdala7

    Buy program starting?

  • skynard

    Gearing up for that 1300 hump.

  • Southern

    Rising wedge broke, then “kiss of death”? Maybe!
    http://www.screencast.com/t/Pu

  • Planspieler

    UBS Weekly
    Sentiment at Contrarian Level … Buy into Weakness!
    ? US Trading: Last week we said that a final washout is still missing to complete the February/March correction
    leg. With a 20% spike in volatility and the biggest spike in SPYDER volume since May 2010, last week’s
    Wednesday high volume selloff showed all the signs of a classic capitulation. Furthermore, with the AAII bullish
    consensus below the 30% threshold, most of our sentiment studies are approaching contrarian levels, so all in all
    there is growing evidence that the SPX set our anticipated late-March low last week.
    ? With last week’s overshooting, the SPX has reached our price target at 1250 and with the current bounce the
    market is generating initial momentum buy signals. However, with trending studies just starting to turn bullish,
    there is still the risk of undergoing a short-term bottoming process in which the SPX could re-test 1250 or set a
    higher low as the basis for a bounce/rally leg into Q2. Buy into dips!!
    ? US Strategy: Our medium-term strategy is unchanged. After our anticipated tactical setback of 5% to 8% into
    deeper March, we continue to see the US market starting another rally leg into Q2 as first part of a larger and
    distributive top-building process. From a tactical standpoint we see higher prices into late April/ first half of May
    with a final SPX target between 1350 and 1400.
    ? European Trading: Inline with our cyclical models European headline indices reversed on or near key support
    levels and given the sharp character of the reversal we have growing conviction that our anticipated late March
    cycle low is in place. However, on the back of the huge technical damage that the stronger than expected
    correction of the last few weeks has caused and given the fact that Europe continues to underperform the US, we
    see a high likelihood that most European headline indices are just posting a lower high into Q2, which is negative
    structurally. On the trading basis this has the consequence that we wouldn’t chase the market too aggressively on
    the upside and wait for pull backs near-term to buy and/or add.
    ? On the sector basis industrials, insurance, autos and basic resource have confirmed massive long-term support
    levels, which makes last week’s lows to an even more important long-term support. Consequently, as long as
    these sectors are trading above last week’s lows they remain in a buying on dips mode!! The European real estate
    sector is moving into a make or break set up versus the STOXX-600 and a successful break would shift the
    character of the current bounce from a tactical move into a new trend. Keep an eye on real estate!!
    ? Inter-Market Analysis: Right on plan with our cyclical models we have seen significant corrections in risk
    assets, whereas on the back of the rising risk aversion, the US and European bond market bounced. The patterns
    in bonds and most commodities have been corrective, which gives us conviction that the moves of the last few
    weeks have been just countertrend reactions within intact longer-term trends. From a trend perspective we
    continue to see higher commodity prices and on the back of this also higher yields into the summer.
    ? Tactically we see last week’s reversal in commodities as first part of our anticipated late-Q1 bottom. Into summer
    we expect new highs in grains and in particular in energy and precious metals. Consequently, we are turning our
    bias for commodity-related sector themes back towards a more bullish stance and would buy any weakness in
    agricultural stocks, energy and miners.
    ? After unfolding a near textbook-like corrective a-b-c pattern, we see US and European bonds as vulnerable to
    starting a new tactical down leg into deeper Q2. We are sticking to our 2011 strategy and we continue to see the
    US 10-Year Treasury testing its structural key resistance area between 4.00% and 4.50% before yields should
    move into a bigger tactical top later this year. With a daily break below 122 we would change our tactical bias for
    the US T-bond from bullish to bearish and anticipate new lows below 116 into deeper Q2.

  • ronebadger

    By the time I'm done reading this, the market will have closed

  • BearStearned

    nice copy/paste job! rofl…….

  • jigdaddy

    CS, how did you calculate your stop yesterday…pretty amazing how they came within one tick of your stop…

    was it based on Risk/Reward or a setup?

  • Planspieler

    So you are a turtle, not a badger….

  • jigdaddy

    well i guess they did take you out in case you had overnight stop in…my bad..but in RH, they came within one tick..

  • Planspieler

    has more value than your comments so far…..

  • http://wetorp.blogspot.com/ Wetorp

    Get some manners and admit you failed.

  • BearStearned

    Apologies.

  • captainboom

    He discussed it in his post, and then went short at 1290 in the comments, setting the stop based on his discussion.

    From the post:
    “I would sell short on open, using the standard gap stop used by masterthegap dot com of .3 x 14 period ATR, which today is .3 x 22.3 (rounded up to nearest 1/4) = 6.75 ES handles, or $337.50 per contract.”

  • jigdaddy

    thanks…yeah i should have reread post…been a long couple days….sorry

    CS

  • OldChicago

    Thought so. This back/forth action, not giving much to the downside, smells like a consolidation.

  • volar

    There is many (way too many) comments below on why that is not a wedge…

  • https://evilspeculator.com molecool

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  • convictscott

    Based on the stuff from masterthegap dot com

  • convictscott

    Its only a 1 day trade, you exit at close of nyse session if the gap is not filled

  • Southern

    Did I say wedge? I meant wedgie! Kidding. Well, at least it didn't hurt me. Now that you say that I do remember reading the post about the channels if that is what you are referring to. Thanks for you help and insight!