ER2 charts

[humble1]

I managed to catch the 50% retrace but made a stupid mistake of having a bias to fill the gap when the market opened. I managed to cut back the losses. Live and learn... again.

so you thought the gap would fill sooner and you went after the long bounce before the market setup? shame on you! I am sure you had plenty of company. I still do it....

[humble1]

wedge breakdown right off gap resistance yesterday, now trading at 50% retrace of the last move. we have now had one lower high and one lower low form. short side is favored for now.

[humble1]

this looks shortable here....

[bh_trade]

Might work, but shorts have been scurrying for cover ever since the opening tick today, very, very few willing to be short into Fed, hasn't worked well this year . . .

Good luck and profitable trading

[humble1]

Might work, but shorts have been scurrying for cover ever since the opening tick today, very, very few willing to be short into Fed, hasn't worked well this year . . .

Good luck and profitable trading

scalp em Tonto....

[humble1]

[quote="humble1"]wedge breakdown right off gap resistance yesterday, now trading at 50% retrace of the last move. we have now had one lower high and one lower low form. short side is favored for now.

the lower high statment was wrong. I apologize. I was looking at a very shorterm chart when I posted it. The lower high was obviously canceled when the market broke 834 and then held within the channel on the reaction.

[bearwatch]

I see a broadening pattern, tough call here.

[humble1]

[quote="bearwatch"]I see a broadening pattern, tough call here.

that's good work. I had it as a double top breakdown so far. The dbl tops never seem to be perfectly symetrical yet they are all over the place. I also see a lot of rising channels and wedges on the tick charts. The range has definitely widened. 835 resistance refuses to act as support, and 830 refuses to act as resistance. I am still watching those levels for clues to a transition on the trend if there is one. Yesterday the bottom patterns all failed to make their measurments. This is new.

[humble1]

on the tick chart I am showing a HnS breakdown that measures to 813 as well. This pattern is valid as long as 830 holds for resistance.

[humble1]

this may move a bit higher yet as this short term scenario plays out to close the gap from yesterday. have no idea, but to follow the markets lead.... a failure to take out 835 again would be a nice low risk short opp.