Chart Folder - July 8, 2003:

No Open gap...nor Gap trade.

No 10 o'clock reverse...but it did form a quadruple bottom. Some of you saw the 10 o'clock reverse as being 5-minutes early. I took that trade on that assumption and went short at 10:04 @ 998.50 (the candle was red and I expected a third candle before it would stall) exit at 10:05 looking for 1 point @997.50. Luck was on my side because the 10:05 bar turned white and started to move up.

Market was out of sync most of today...anything would be a high risk trade. We looked at the 12 o'clock hop or flop and for some it was a tough trade...we had the basis for a perfect set-up, coming off of a double top and when the second candle broke the 12 o'clock low you would look for a short there.

W formation was tricky...but for me it was too close to 2 o'clock and I was looking for an opportunity to go short not long.

3:30 Reverse...WOW and it's moving up as I type this. Market finally got in sync...just needed to be patient I guess.
 

quadruple bottom in the ES

 

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