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Chart Folder - January 10, 2005: |
30 Minute Breakout A student sent the following commentary. Does the information help me trade the ES today? What should I really be looking for here. Does his data fit my method? "January 10: Last week's decline ended the bullish bias on weekly charts and saw the contract test the 50-day moving average at 1182. That average has provided good support but that has not resulted in a strong bounce. Continued trade against this reference is bearish as daily charts are developing a bearish continuation pattern. A break below 1182 would likely see another leg lower toward a projected target at 1170. The daily swing point at 1188 remains first resistance and has been for the past seven sessions, which clearly favors sellers. A break past the top of intraday congestion at 1195 is required for bulls to have a better chance at a bounce". There was room for 7 points today using two contracts on the 30-Minute Breakout Strategy at 10:30, Magic Numbers Dow + 31 Naz + 15. L 2 @ 1189.50 -- 10:35 S 2 @ 1193.00...hey, if you were in the Paltalk room you saw it live. I guess my question is...did it fit his information? Marsh Trading joke for the day...No sense being pessimistic. It wouldn't work anyway.
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