Man I should have stay up all night and shorted the futures,
when I went to bed at 1:00 AM my time, futures had recovered and
were only down 1 point, could have have a nice short with a stop,
oh well.
Anyway after looking at ES 60 min chart, I see a downtrend
channel and possible bull wedge forming and finally the potential
for some positive divergence as you can see how both of the MACD's
are stronger and will form higher lows. However, the MACD
lines need to actually turn up and cross back up in order for the
divergence to confirm. Also, IMO more time is needed for this
divergence to flesh out more, so don't be surprised to see the SPX
made another low and then chop around for a while, maybe a few more
hr before the divergence is better formed.
ES 60 min chart
Posted by matt on 12th of Aug 2010 at 09:16 am
Man I should have stay up all night and shorted the futures, when I went to bed at 1:00 AM my time, futures had recovered and were only down 1 point, could have have a nice short with a stop, oh well.
Anyway after looking at ES 60 min chart, I see a downtrend channel and possible bull wedge forming and finally the potential for some positive divergence as you can see how both of the MACD's are stronger and will form higher lows. However, the MACD lines need to actually turn up and cross back up in order for the divergence to confirm. Also, IMO more time is needed for this divergence to flesh out more, so don't be surprised to see the SPX made another low and then chop around for a while, maybe a few more hr before the divergence is better formed.
matt where would you put
Posted by rkelman on 12th of Aug 2010 at 09:46 am
matt where would you put a stop if you were still in the euo and did you sell all your this am
on a bounce where would you try to shor t again
EURO Resistance
Posted by steve on 12th of Aug 2010 at 09:55 am
1.2866-1.2882
Ditto. Thx for the chart.
Posted by blake_20 on 12th of Aug 2010 at 09:37 am
Ditto. Thx for the chart. Very helpful.
thats what you get for
Posted by dylan398 on 12th of Aug 2010 at 09:23 am
thats what you get for sleeping
Thanks Matt. This chart is
Posted by Peridot on 12th of Aug 2010 at 09:20 am
Thanks Matt. This chart is very helpful. p.