For the downside, I would also look for a 3 bar confirmation
below the rising trendline on the 5 minute chart as confirmation.
You can take entries (long or shorts) earlier based upon your
triggers, etc. but this is something I watch for
confirmation.
Quick Snapshot of Major Indexes
Posted by steve on 19th of Sep 2011 at 11:44 am
SPX has resistance at S2 near 1198
The SPX has yet to
Posted by steve on 19th of Sep 2011 at 12:01 pm
The SPX has yet to provide a '3 bar' confirmation above the S2 level of 1198 which is resistance...continue to track along with rising trendline.
' 3 bar confirmation in which time frame?
Posted by windyjazz on 19th of Sep 2011 at 12:06 pm
I think you usually look at the 15 min for a 3 bar is that correct Steve?
windyjazz - I begin with
Posted by steve on 19th of Sep 2011 at 12:11 pm
windyjazz - I begin with the 5 minute then the 15 minute would be additional confirmation and that has yet to occur
For the downside, I would
Posted by steve on 19th of Sep 2011 at 12:14 pm
For the downside, I would also look for a 3 bar confirmation below the rising trendline on the 5 minute chart as confirmation. You can take entries (long or shorts) earlier based upon your triggers, etc. but this is something I watch for confirmation.
Steve-
Posted by chlo888 on 19th of Sep 2011 at 11:45 am
are those looking bear flaggish or not?