My Fears Came True

Last night, I mentioned that the last PRIME Resistance (TREND Chart) was too closed for comfort, and that the risk of a Leg 1 of a Bull Break was there. Well, the market played out my fears. Leg 1 of Bull Break has been created, on the TREND Chart (But on the Swing Chart, PRICE is merely heading down to challenge last PRIME Support at 1418.25). My last 2 trades - LONGs, were counter-trend trades.

Don't Fight the TREND

As PRICE continues to churn its way higher, I have seen many traders trying to short the top. I am also guilty of that sometimes. But for me, when I take a counter-trend trade, I make sure that my stops are tight - and I mean tight. It is best to put in your stops. I would never recommend anyone leaving their positions wide open. Because with every higher step PRICE takes, it hurts your pocket/

Back To Challenge Last PRIME Resistance of 1504.75

ES Opens Lower

09:37pm As warned this morning, 1499.50 was the key level to look out for and it gave way.09:38pm For now, SHORTs are still valid - but with some caution, as the TREND Chart has turned up & a Minor PPF of Support has taken placed on the Trading Chart.09:47pm SHORT 1497.00 / STOP 1498.0009:48pm Moving STOP to 1497.5009:56pm Out at 1497.25 / -0.25pts.09:57pm Decided to get out first, instead of

PRICE Still Heading Higher

Other than a slight consolidation phase in the early part of last night's trading session, PRICE has made higher oscillation highs & higher oscillation lows, on the TREND Chart. Going into the close, PRICE has yet to fail. Key level to watch, to keep the upward momentum going is 1499.50.

Flat Opening

09:40pm Have to head out for a short while to buy some durians. Be back later...10:04pm I'm back...With the PRIME PPF at 1503.25 at 09:41pm (S'pore Time), it looks like an interim top is currently in place. PRICE is heading down to challenge last PRIME Support at 1480.25 on the TREND Chart. Will be looking to SHORT pullbacks.10:10pm Placing a SELL STOP at 1498.7510:11pm SELL STOP Triggered. SHORT

ES Clears the 1500 Level

As mentioned last night, PRICE made the upmove to challenge the 1500 level...and breached it. As PRICE showed itself to be in an interim top (Minor PPF of Resistance - and with TREND Chart already turning down), just after the opening gap, the strategy was to go SHORT on pullbacks (Oscillation Challenges). However, I had to switch to LONGs when the Trading Chart presented a Minor PPF of Support

PRICE Yet To Fail

09:34pm PRICE continues to power up...09:40pm Potential Minor PPF of Resistance setting up.09:49pm Missed that Minor PPF SHORT.09:52pm SHORT 1491.75 / STOP 1492.7509:56pm Stopped at 1492.75 / -1.00pt.10:00pm SHORT 1492.25 / STOP 1493.2510:01pm That drop was quick. And so was the pull back. I am holding on to the trade a bit longer. TREND Chart has turned down.10:03pm I am pi**ed. Stopped at

Consolidation on the TREND Chart

PRICE movements during yesterday's Globex session threw me off...The wild swings caused some confusion and only a Minor PPF at 9pm (S'pore Time) at 1491.25, threw some light as to where PRICE was truly heading, and that was down - and that not immediately, as there was some minor consolidation that ensued, and finally, PRICE subsequently stair-stepped down.PRICE managed to find a Minor Support

Globex Update on the ES

10:57am Oops...PRICE just took out the 1487.50 level. Looks like we are not done going down.01:26pm Globex sessions sometimes have pretty wild swings in PRICE, so a breached level can be invalidated with a breach of the opposite end.10:54pm Just got in not too long ago (Squash League night)...looks like the Globex action threw everyone off. Will probably be an observer tonight.

PRICE is in PRIME Support, on the TREND Chart

To me, last night was a rather tough trading session as PRICE movement was rather "stair-stepped" in nature. Overall, it was pretty slow before lunch (to my liking) but it did "trend" a little bit when it did a 5 point drop from 2:20am to 3:04am (S'pore Time). Other than this bit of excitement, it was clear to see that the market was trying to "preserve" its energy for the next move. With a PRIME

All Set for a Pullback,Perhaps?

09:30pm Minor PPF of Resistance, on the Trading Chart, with TREND Chart pointing down.09:31pm A Minor PPF of Support now - Consolidation.09:43pm We had a PRIME PPF of Support just now, and now we are gettting a PRIME PPF of Resistance - TREND Chart still pointing down. A possible top here. Any SHORT here must result in a Breach of 1489.75 (today's low so far).09:47pm SHORT 1492.50 / STOP

There's No Stopping This Crazy Bull !

The markets continue to defy gravity as it ended the week on a high. The ES ended at 1493.25 - A level not seen for a long time. Other than a slight blip (Leg 1 of Bull Break) in PRICE during Thursday's Globex Session, PRICE quickly recovered and invalidated the Leg 1 of Bull Break it had created, in yesterday's super-bullish move. The bull TREND is definitely intact ! Have a good weekend.

Leg 1 of Bull Break Invalidated

Globex Session09:14pm Leg 1 of Bull Break has been invalidated. Leg 2 continued to push higher, past the no-no level of 1484.50, thus pushing us back into the Bull TREND.09:48pm Possible Minor PPF Setting up - SHORT Trade.09:51pm SHORT 1490.75 /STOP 1491.7510:01pm Moving STOP to B.E. - We should see a little bit more downside to this SHORT trade. 10:05pm Stopped at B.E. - Looks like they were

Leg 2 of Bull Break

Yesterday's trading session created 2 Legs of a Bull Break. Leg 1 was formed during the drop in PRICE during the Globex session (triggered by fears China's overheating economy - haven't we heard this before), which ended with a PRIME PPF of Support (PRIME Support - 1468.25 on the Trading Chart) at 10:34pm (Singapore Time) at 1471.50.From then on, PRICE continued it's journey back up (Leg 2 of

Leg 1 of Bull Break on TREND Chart

Globex Session09:08pm As pointed out this morning, Leg 1 of Bull Break has been created...09:30pm Will be back later...have to head to the airport to pick up my sis & her family.11:31pm I'm back. Leg 2 of Bull Break is in progress. Last PRIME Resistance of 1484.50 on TREND Chart has to contain this retracement we are seeing, in order to form Leg 2 of Bull Break. No Trades Done.

ES Makes A Higher High

My parting post last night, before heading to bed was that the ES had made a confirmed bottom at 1473.00 by the PRIME PPF at 1473.50 at 11:11pm (Singapore Time) & that PRICE was heading back up to challenge last PRIME Resistance at 1482.75 - It did just that and a PRIME Higher High was printed at 1484.50. On a TREND Chart Basis (although we still in a bull TREND), the last PRIME Resistance

ES Opens Slightly Negative

09:41pm As mentioned in this morning's post, I would expect PRICE to head lower (and to SHORT pullbacks), up & until a PPF of Support stems the down move.09:44pm Placing a STOP Sell at 1475.0009:47pm Did you see the "fake-out" that hit 1476.50 ?09:48pm STOP hit - SHORT 1475.00 / STOP 1476.2509:49pm If PRICE does not try to even "threaten" 1473.00, I will get out...09:51pm Out at B.E.09:54pm That

PRICE Challenge Last PRIME Support To Create A Higher Low

Last night's continued bullishness was somewhat deflated at the end of the trading day. Trading started brightly with the ES erasing earlier losses sustained in the Globex session but at the end, the ES closed mainly unchanged. Going into the close, we see that PRICE has started to turn down. PRICE is heading down to challenge last PRIME support at 1442.25 (again, for the un-informed, PRICE need

Traders Continue to Support the Bullishness

10:30pm Just stepped into the house 25 minutes ago - For the un-informed, I am involved in the National Squash League and our matches are played on Tuesday nights. Games normally end around 9-9:30pm, so by the time I hit home, the trading session has already started. I would usually take a "lighter" trading stance on Tuesdays...The good news is that the League will end soon, sometime in late May,

ES Closes Up 1%

What a welcomed first trading session for the week! The ES continued its uptrend from last Friday. On the Trading Chart, there was a slight blip with a PRIME Lower Low (with TREND Chart pointing down) at about 11:24pm (S'pore Time) but it quickly corrected itself with a PRIME Higher High again. My SHORTs (except for the first trade, which was aggressive & speculative) were valid as the Minor PPFs

Positive Open for the ES

09:23pm Looks like it's going to be a good start to the week...I was so busy over the weekend that I did not even manage to post my review of Friday night's trades. In any case, just a note here: PRICE has yet to fail going up...09:35pm Let's see if PRICE heads back down to close the "gap "at the open...09:48pm Aggressive SHORT at 1471.25 / STOP 1472.2509:50pm Stopped at 1472.25 / -1.00pt09:51pm

PRICE Is Still Heading Up

09:32pm PRICE is still heading up, as it cleared last PRIME Resistance of 1459.00. But with last night's low of 1442.25 being closed to 18 pts away from today's Globex high of 1459.75, I would treat LONGs with caution. TREND has not changed, but one can never be too careful to watch PRICE movements with an eagle eye.09:40pm SHORT 1456.50 / STOP 1457.50 - Minor PPF, with TREND Chart turning down.

Challenging Last PRIME Resistance at 1459.00

The ES reversed its TREND last night, just after finding its low at 1442.25. I had briefly mentioned the possibility of a "Reverse in TREND" and it sure did. My LONG trade was taken out by some PRICE gyrations but thereafter, I believe it was a good trading session for all who stayed up.Last night, just before signing off, I mentioned that PRICE was heading back up to challenge last PRIME

Matched Oscillation Support Created During Globex

09:32pm PRICE gave us a Matched Oscillation Support (1444.50) during the Globex session. This means some weakness in the downmove. Will keep a look out for a Minor PPF, to give us a possible LONG.09:38pm Putting a STOP Buy at 1446.2509:44pm STOP Buy cancelled. The Matched Oscillation Support invalidated by the lower low.09:46pm With the Lower Low, SHORTs are still valid - But do watch out for

Creating a Higher Low on the TREND Chart

Finally, we had a good trading session last night, with a good TREND and enough volatility to boot. I had just mentioned on Tuesday, the need for PRICE (TREND Chart Basis) to head back down in PRIME, to challenge last PRIME Support at 1418.25 to create a Higher Low (it does not mean that PRICE must head all the way back down there. As long as PRICE is in PRIME, and it starts to fail heading down,

PRICE is Still "Chopping" Around

10:19pm We could possibly see some good PRICE movements today.10:31pm Looking for a SHORT here.10:40pm SHORT 1453.50 / STOP 1454.2510:44pm This SHORT has to take out the low of 1452.2510:45pm That's more like it...10:46pm Out at 1450.00 / +3.50pts10:47pm Am expecting a slight pullback, that's why I took profit first...10:48pm I like this kinda trades where the PRICE movement is swift...and in the

Another Day of Consolidation

Still no clear sign of PRICE direction as the market tries to settle into a pattern of trading. Quite a bit of uncertainty, as on the trading chart, we had a series of PRIME B-PPFs, followed by PRIME PPFs. And with the 5pt trading range last night, it would not have been easy to get many points. Looking at the set up of the potential trades, one would have gotten no more than 2-5 to 3pts a trade

Will Today Be A Better Trading Day?

09:53pm Back from playing squash, so as usual, will take a more laid back approach to the trading session...10:00pm We are still bouncing around...Need to have a clearer direction in PRICE, before taking up any positions.10:58pm SHORT 1456.75 / STOP 1457.7510:59pm First target for this SHORT is 1455.2511:16pm Target met. Out at 1455.25 / +1.50pts11:18pm Will be catching some shows on the telly &

Another Tight-Ranged Day

I guess the long Easter Weekend was a good time for many traders to unwind but it sure took its toll on last night's trading. It didn't look like many were back at their trading desks.With the tight 5 point range, all I could muster from my 2 profitable trades were between 1.5 to 1.75pts.Trading ChartGoing into the close, PRICE was still consolidating (Back to back PRIME Breaches, with no PRIME

A Positive Post Holiday Opening

09:34pm No matter the positive...A SHORT set-up could well be brewing.09:43pm Looks like I missed the Minor PPF to go SHORT. Will see if a PRIME PPF occurs, to give us another Shorting opportunity - Reason for this SHORT is that there is a 2 X Divergent Top, on the TREND Chart, and as well as the TREND Chart turning down in PRIME.09:54pm Here's the pullback I am looking for...Reaching PRIME soon

New Chart on Time Warner Inc.(TWX) Posted On My Trading Chart Patterns Blog

Good morning everyone! I've posted a new chart on Time Warner Inc.(TWX) over at my Trading Chart Patterns blog. Head over there to have a look & feel free to offer/share your comments/views. Thanks!

ES Ends The Week Higher on Pre-Holiday Bullishness

Last night's trading session was as slow & as boring as it could get. PRICE movements were at a crawl & volume dried up considerably. With the Good Friday long weekend looming, bullishness was expected (market tends to be bullish prior to a holiday - I heard about this "observation" made by someone before). PRICE has yet to fail (heading up) but do expect some retracements next week as we still

Another Boring Day?

09:33pm Will we see another boring trading day ahead? Personally, I don't think so. We'll probably see some directional trading today.09:42pm Back to Back PRIME PPFs on the Trading Chart - Consolidation.10:08pm Possible LONG here.10:10pm LONG 1448.75 / STOP 1447.7510:16pm I see a potential breakout in PRICE here...10:18pm STOP remains at the same place - just in case PRICE starts to fail instead

Worst Than Watching Paint Dry !

What a boring session ! At times, it was as though PRICE wasn't moving, and that everyone had packed up & gone home...Although the PRICE range was a decent 5 points, it just didn't reflect the slowness of the overall session. It was almost directionless. Hopefully tonight will be better.Bottom line? PRICE is consolidating and we need to see a failure, or a breach to give us a clearer direction.

ES Barely Unchanged At Open

10:17am PRICE is trying to find its direction...10:28pm PRICE direction still pretty much unclear. Best to stay out first.10:42pm PRICE oscillating in a 3 pt range since the open.10:59pm Taking a break from the PC screen...the PRICE action so far is terrible.11:14pm Potential LONG setting up...11:58pm My, My...the action tonight is really slow.01:38am Tonight's session is terrible. Worst than

Bullish Day Without Much Volatility

It was a bullish session last night & if you were not in a LONG trade in the early part of the trading session, it would have been a boring day, especially from 11:00pm (Singapore Time) onwards. By then the ES had already gained closed to 12 points, and the action thereafter, to the close of the session, was ranged bound between 1446.00 & 1450.00Trading ChartGoing into the close, PRICE has yet to

Bullish Opening

10:23pm Squash night again...just stepped in not too long ago.12:32am No trades tonight. As usual, the physical activity has worn me out. Good night.

Leg 2 of Bull Break in Progress

I managed to get myself some points last night through a Minor PPF of Resistance, thinking that the up move was done. Fortunately, I did not "over-stay my visit as the subsequent pull back in PRICE took me by surprise. I had expected a "counter-trend" aggressive trade (which I did not take) but it turned out to be more than what I expected. It pulled all the way back to my SHORT entry ! PRICE is

Just Another Flat Opening

09:48pm SHORT 1433.25 / STOP 1434.2509:49pm Moving STOP to 1434.0009:54pm Slight hint of consolidation here...will be careful with my trade & will adjust accordingly.09:57pm Moving STOP to 1433.5009:58pm PRICE is taking too long to breakdown...10:00pm This is better.10:02pm Out at 1429.50 / +3.75pts10:19pm Didn't take the subsequent SHORT...was too busy savouring my points gained. LOL. Anyway, I