SunTrader

Think that was good move. ES might have been being pressured by Euro weakness/Dollar strength?? Oh and also that ES hit this morning the 61.8% move down from 5/13/10 and 50% of move down from 4/26/10.

$1.50 looks doable. No opinion otherwise since low dollar stocks can have a mind of their own, whatever ES does.

I use cash (SPX) for generally longer time frames, daily and higher, since ES gets out of whack with adjustment for quarterly rollovers and time decay. But as far as trading off of ES I look at both globex and day session .

Here is another chart with time retracement (261.8%) of move from low (point C) to high (point B) plus a 127.2% price external retracement of C-B meeting at swing low. But I have also plotted another way for time cycles measuring high (point A) to high (point B) and projecting forward from low (point C). H-L 11:20am, H-H --> L 11:25am and price retracement missing by a tick.

100% time projection high to low and back to a high - miss by one bar:

Yes I use EW a good deal but work under the assumption that waves (depending on what timeframe you are looking at) are only present about 50% of the time. Sometimes corrective waves are nothing more than a big mess. So I step aside and wait for a clearer pattern to emerge. Some label every twist and turn with X's and Y's etc. They are the same ones who realize that most everything else (breakouts/indicators/flags/etc) work about 50% of the time but insist EW is always there. I rather be trading than labeling. :thumbs up: BTW here's my S&P500 chart showing impulsive 5 waves up and corrective ABC 3 waves down in progress. Might be that minor wave 5 of major wave C has completed already depending on what happens Thurs/Fri should tell. Minimum time and price levels (compared to wave 2 and 4 of uptrend) have been hit but not for Wave C. Sorry for all the overlined fib levels but I'd have to post multiples charts to spread out the bars to make it more legible. If there is more downside than I am thinking 943-924 zone looks most probable. But I'd like to see a few more trading day's data to narrow the end of wave projection.

Although it doesn't cover fib time projections here's a chart showing a 5 wave elliott impulse pattern as well as a simple trendline break covering the eMini from 8:00am Sept 10th through the globex overnight session into the morning of Sept 11th:

Sorry to pick a few words out of your post, but I never try to "make it back". That can lead to revenge trading or the mindset that the market took it from me and I want it back. :crap: Been there, done that. Better to just treat each trade and each day as a separate event. The market does not care about each of us and will allow us (or not) to win or lose. Well that and whether we trade our plan properly.

My number rule is ........ discipline. Without that all others are immaterial.

Kept on ripping almost doubling from the lows. Damn. :doh:

Here is my EW/fib based chart with mininum (hit?) and maximum zone areas:

I don't care who the trader or book author is - without sitting down with someone else side-by-side watching the market together they can't give an opinion on the chance of some else's success or failure. As someone else said previously there are so many ways to win or lose in the markets. Pick one that suits you and go with it.

I'm sure you are not meaning the posted chart's exact point but I look for a "zone" of support or resistance, especially when it involves a bar with a spike bottom or vice versa top. A daily chart for that zone shows weekly high/low and how price and volume reacted just prior to and into big selloff in Sept/Oct '08.

Shucks, I'm so disappointed.

I started to put "+ 1" but have to say I completely agree (same thing) but message needs to be at least 20 characters.

I think the NY Federal Reserve processes (ACH/Swift/CBR/CCD etc) something like 90% of the world's banking system transactions so big brother is always watching.

So true. And some of the best trades are when what is expected doesn't come about, such as a trendline break that doesn't continue to break. Crowd buys a downtrendline break or sells an uptrendline break only to see it reverse back in original direction. Uh oh!

Like not talking about such matters on the wide (open) world web. :doh:

You assume and don't really know but it is the forum admin that is jumping to conclusions. :hmmmm: Well I'm assuming you have made the final decision to move on. Oh well. Good luck.

Handled as it should be. Anyone who has any posting experience whatsoever in online forums should know.

His approach IMO seems more complicated than it has to be. This is all looking back in hindsight but on first chart the trading day of 12/2/08 followed a huge 80 point drop on 12/1/08. I would not be looking to go long - even if the expected bounce happened - as it did, not once but twice @ 10am est and again @ 230pm est. I don't remember how I traded it that day, more than year ago, but looking at it now can see clearly where the point to go short (my preference) was:

The basis is supply and demand. When price returns to a prior resistance pivot more supply comes into the market. If the market pushes it higher through the resistance then once it returns to this prior reistance point there "should" be less supply therefore it turns now to support. Note these support/resistance areas are zones and not exact levels. See following IBM chart as an example of resistance turning to support which now on Friday returned to resistance. Also the close on Thursday had already showed react to this zone. This area was also S/R back in May/July/Aug '08.

I wish. As I think I previously mentioned TLAB was a favorite of mine years ago but it's just futures for me these days. Agree it looks to be into a resistance area now.

TLAB 16.4% move off the bottom in mid December.

From father to son the blood runs thin See faces frozen still against the wind The seam is split, the coal face cracked The lines are long, there's no going back Through hands of steel and a heart of stone Our labor day has come and gone -Bono-