PRICE Consolidation After the Previous Day's Big Move.

It was a tough session to trade last night as the pull backs in PRICE were almost 90-95% of it's down move. You would have to be very nimble and as well as totally aware of what PRICE was doing last night. If not, confusion would entail. We are basically consolidating (TREND Chart) and there is a sort of widening wedge (if I got it right) forming on my TREND Chart. Will have to refer to my

New PRIME High Created on GLOBEX Trading Session

02:41pm ES PRICE just hit a recent new high at 1536.00, 02:27pm, S'pore Time. We are officially back on the Bull TREND (TREND Chart basis).08:36pm This Bull is totally unstoppable...climbing wall after wall of worries. Another high at 1537.7509:38pm Was not gonna fall for that SHORT ruse again by the market...Will wait for a clearer picture before taking any action.09:43pm Signs of weakness -

Just 0.75pts Away From the Recent High

What a come back! Never in my wildest dream would I have expected such a strong reversal in last night's trading. I believe the trigger point was the release of the FOMC Minutes at 2:00am, S'pore Time. Before that, it was really touch and go as on the TREND Chart, Leg 1 of Bear Break had just been created at around 12:34am, S'pore Time and the release of the Minutes threatened to pull back PRICEs

GLOBEX PRICE Movements point to a Break of PRIME Support on the TREND Chart

09:32pm With the break of last PRIME Support on the TREND Chart, SHORTs will be the order, at the moment.09:35pm SHORTs on pull backs are still valid, but with some caution. PRICE has hit PRIME, on the TREND Chart.09:38pm SHORT 1515.00 / STOP 1516.0009:39pm Moving STOP to 1515.25. TREND Chart is trying to turn up.09:40pm Stopped at 1515.25 / -0.25pts.09:48pm Another SHORT 1515.00 / STOP 1516.0009

Consolidating Between PRIMEs, on the TREND Chart

Last night's trading action was pretty good, except that I had too many pre-conceived ideas in my head, when it came to taking the trades - LONG or SHORT TRADE & PROFIT TARGET.Looking back, I could have easily taken 5-6pts if I had placed shorter profit targets ahead of my earlier trades. This has always been an issue that I grappled with personally, and have discussed it with, a good trader

Post Holiday Bullishness?

09:36pm PRICE has yet to fail in the up move from last Thursday's low.09:37pm Would be more comfortable just sitting on my hands first...09:38pm 2 x Divergent Top on the Trading Chart.09:43pm TREND Chart has just turned down (2 x Divergent Top as well). Will be looking for a Minor PPF of Resistance on the Trading Chart to go SHORT.09:49pm No go for that SHORT. PRICE made a higher high - TREND

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Leg 3 of Bull Break Ends at 1507.75

With the long holiday weekend ahead, the trading session was rather muted but with some bullish undertones. In other words, trading in general, was slow! The high of last night's session is a Lower PRIME High - very much in line with the current Bear TREND. However, there is no indication as to whether we are done with the up move. A PRIME PPF of Resistance occurred just before the close and

Pre-Holiday Bullishness?

09:43pm Sitting on my hands first...09:54pm PRICE movement is in a mess at the moment. Need to see something clearer before doing anything.10:09pm This is crazy, just trying to decipher where PRICE is going.10:11pm Okay, now it's slightly better.10:21pm SHORT 1516.50 / STOP 1517.5010:23pm Moving STOP to 1517.2510:24pm Moving STOP to 1516.7510:27pm Stopped at 1516.75 / -0.25pts.10:29pm Will wait

3 Leg Bull Break Complete - BEAR TREND (TREND Chart)

The ES is officially in a BEAR TREND. The 3 Leg Bull Break is as follows:Start of Leg 1 - 1535.75 / End of Leg 1 - 1521.50 (Lower PRIME Low)Start of Leg 2 - 1521.50 / End of Leg 2 - 1532.50 (Lower PRIME High)Start of Leg 3 - 1532.50 / End of Leg 3 - still in progress. No signs of failure as yet (Lower PRIME Low).Do note that however, on the SWING Chart basis, we are still on a Bull TREND & PRICE

Minor PPF of Support in Globex Session (08:48pm / S'pore Time)

09:32pm SHORT 1525.25 / STOP 1526.2509:34pm Tightening STOP to 1525.5009:35pm Stopped at 1525.50 / -0.25pts.09:37pm That was a fake out that took me out. PRICE is heading past my original SHORT now - Really really frustrating!09:39pm We are getting a PRIME PPF of Support & with the TREND Chart pointing up, a LONG could be setting up.09:41pm Oops...An Oscillation change. Not too good for the LONG.

Now it's Leg 1 of Bull Break, on the TREND Chart

It's just amazing how the market always hoodwinks the Bulls, and the Bears at the same time. The way in which Leg 1 of Back Door Bull Break was quickly decimated, largely by the Globex Session's big upmove, quickly set the tone for a Bullish open. The upmove drew in the Bulls & frustrated the Bears with STOPs being hit. With both parties clearly frustrated(Bears), and involved (Bulls), the market

ES Surges 6 3/4pts to 1531.75 in Globex Trade

06:07pm Would be interesting to see if this surge continues & invalidates Leg 1 of Back Door Bull Break - which incidentally starts at 1533.25. So, this will be the key level to watch out for.09:42pm We had a Minor PPF of Resistance just now (which I did not take because I was away from the PC). With the TREND Chart pointing up strongly, I am looking for a PRIME PPF of Support to go LONG.09:43pm

TREND Chart: Leg 1 of Back Door Bull Break

The ES created Leg 1 of Back Door Bull Break at the close of last night's session. The last PRIME Support was at 1525.25 (Higher Low). PRICE then made a lower PRIME Resistance High at 1533.25 (against Last PRIME Resistance at 1534.00). By coming back down and breaking through 1525.25, printing 1525.00 at the close, this has effectively created Leg 1 of Back Door Bull Break on the TREND Chart. As

Another Flat Opening for the ES

09:50pm Just stepped into the house from my squash game...will wait for PRICEs to give me a clearer picture before taking any trade.10:10pm A possible LONG here. Let's see if a PF appears.10:16pm Didn't like the PRICE movements. Was tempted to go in but I decided not to pull the trigger.10:19pm Now, that was a good decision...Phew!10:20pm I still want to get a clearer picture before doing

The ES Powers to a New PRIME Resistance at 1534.00

I'm glad I decided to head to bed last night, instead of waiting for the third trade. It was gonna be a SHORT but looking at what happened next, I possibly would have been stopped out - because PRICE climbed higher (not much) to 1534.00.Going into the close, PRICE has pulled back & is going back down to challenge last PRIME Support (TREND Chart) at 1513.75 and there is no signs that this down

No signs of this upmove failing....as yet.

09:40pm TREND Chart has turned down & Trading Chart is possibly offering a SHORT set up with a Minor PPF of Resistance.09:45pm Still sitting on my hands...No trigger yet.09:54pm Didn't take that SHORT. Wasn't too comfortable with it.10:01pm Took a LONG instead at 1528.00 / STOP 1527.00 - PRICE has to take out 1528.7510:03pm Moving STOP to 1527.5010:06pm Breaking out?10:07pm Moving STOP to B.E.10:

Another New PRIME Resistance at 1528.25

PRICE continued to power up in last night's session. My SHORTs, though valid trades, were decimated largely by fake-outs. For my first two trades, I was able to move my STOPs to just 0.25 pts away from Break Even, but for the later two SHORTs, they were stopped at my customary levels of 0.75 - 1.00pt away from my entry.With PRICE Breaking Upwards from the rising wedge (many traders were pointing

4 X Divergent Bottom Results in a Slingshot Effect of +6.00pts on Globex

09:26pm New PRIME Resistance High created.09:29pm Looking for LONGs.09:33pm LONG 1522.00 / STOP 1521.0009:34pm Moving STOP to 1521.7509:35pm Stopped at 1521.75 / -0.25pts. I quickly moved my STOP as PRICE Matched at 1522.75. Didn't want to risk a waterfall drop, near the top.09:37pm PRICE is almost reaching PRIME, on the TREND Chart. So if I get a Minor PPF of Resistance on the Trading Chart, I

New PRIME Resistance at 1521.50

The ES created a new PRIME Resistance at 1521.50 last night. One interesting thing to note was that the Oscillation Challenges, or pull backs (TREND Chart) last night were all pretty "deep". Until & unless a we see a decent pull way in PRICE from the nearest PRIME Support of 1496.00, I maintain that the risk of a Leg 1 of Bull Break will be there. Do bear this in mind.Going into the close, PRICE

Minor PPF of Resistance at 1518.50

09:45pm Just stepped into the house...09:54pm Minor PPF (1518.00) of Resistance (1518.50) on the Trading Chart. PRICE is heading down to challenge last PRIME Support (1506.00), on the TREND Chart.10:05pm Minor PPF of Support. Possible interim end to the current down move. PRICE is not ready to head down to PRIME to challenge last PRIME Support of 1506.00 on the TREND Chart. Let's see if we get a

PRICE Has Broken out of Consolidation on the TREND Chart

PRICE finally broke out of Consolidation last night (Remember I spoke about the "deep" pullback in PRICE in yesterday's post? PRICE consolidated thereafter). There were 3 consecutive PRIME PPFs in a row, on the TREND Chart. Going into the close, PRICE has yet to fail going up, and with the SWING Chart firmly pointing up, it does look like a new Resistance level is going to be created soon. We

Slightly Positive Open for the ES

09:36pm PRICE has yet to fail in this upmove. We are now consolidating. TREND Chart is still pointing up. LONGs are still valid.09:38pm Need a pull back to go LONG.09:40pm 2 X Divergent Top on the Trading Chart.09:55pm SHORT 1512.00 / STOP 1513.00. Minor PPF of Resistance - TREND Chart in PRIME.09:57pm Moving STOP to 1512.2510:02pm That "fake-out" spike nearly forced me to close the trade...10:

Risks of a Back Door Bull Break Still Remains on the SWING Chart

Again, I may sound like a broken record but the risks still remain for a possible Back Door Bull Break on the SWING Chart. It didn't help that last night's New PRIME Resistance created (at 1519.50) was followed by a very deep pullback in PRICE, resulting in the ES closing almost unchanged (Last PRIME Support on the SWING chart is only at 1496.00).Looking back at the 3 trades that I took last

Steady Core CPI Numbers Fuelling Rally

10:28pm Just got back from my usual Tues inter-club squash match...2 more Matches/Tues to go before the end of the season. Will stay out first, unless a set up presents itself.10:36pm We have a PRIME PPF of Support on the Trading Chart, which calls for a LONG. But, with the TREND Chart having just turned down, LONGs have to be cautious. I would rather look for a PPF (Minor or PRIME) of Resistance

Risk of a Back Door Bull Break on the SWING Chart

On a SWING Basis, the S&P eMini (ES) is in danger of a Back Door Bull Break. With 2 PRIME PPFs in a row (Last PRIME Support at 1496.00 & Last PRIME Resistance at 1516.25), there is a high risk of PRICE breaching 1496.00 - which is only about 10 points away from yesterday's market close. I would not give that scenario a 100% sure thing but being on the look out for it would definitely keep me on

Slow Start to the Week

09:33pm TREND Chart has turned down. Will we get a Minor PPF on the Trading Chart to go SHORT?09:39pm No Minor PPF. PRICE has still not failed going up. Looking for Oscillation Challenge of Support to go LONG. Target is last PRIME Resistance at 1519.0009:41pm TREND Chart has just turned up....09:46pm LONG 1514.75 / STOP 1513.7509:50pm Stopped at 1513.75 / -1.00pt. Early entry. Will try again.

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Will this Leg 2 of Bull Break Bring the ES back into the Bull TREND again?

Leg 1 of Bull Break ended at 1496.00, with a MATCH Oscillation at 1496.00 during the Globex Session. And with the PRIME PPF at 1500.50 at 10:08pm (S'pore Time), it was a "cautious" Confirmed LONG as the TREND Chart was pointing down at that time.My 1st attempted SHORT (at 01:38am, S'pore Time) was because a PRIME PPF presented itself (Trading Chart), coupled with the TREND Chart pointing down. I

We are now in Leg 2 of Bull Break

12:23am Just hit home 15mins ago...was up north for a day trip. Will wash up first, before looking at the market.01:38am SHORT 1507.75 / STOP 1508.7501:42am Was very closed to being stopped out. Not out of the woods yet. Would be good if 1507.50 is taken out.01:44am My wish came though...hehehe.01:45am Moving STOP to 1508.5001:49am Out at 1507.25 / + 0.50pts. Didn't like the way 1507.25 was being

Leg 1 of Bull Break....Again

Last night we saw the creation of Leg 1 of Bull Break...again. Going into the close of the session, PRICE is still trying to establish Support. No signs of the downmove ending (failing) as yet. We made Lower PRIME Lows & Lower PRIME Highs, on the Trading Chart. TREND Chart shows a 2 x Divergent Bottom whilst on the SWING Chart, PRICE is now in PRIME Support. As I am more of a Intraday trader, the

Negative Open for the ES

09:59pm Just got back from dinner...10:01pm PRICE did not give us a PRIME PPF of Resistance, so on an Oscillation basis, lower highs & lower lows showed it's down move...until now, that is - Minor PPF at 1509.75 of Support 1509.00 formed at 09:56pm & PRICE is now in PRIME, on the TREND Chart.10:20pm Trading Chart - PRICE is now is PRIME Resistance. But with TREND Chart pointing up, SHORTs would

TREND Chart back on the Bull TREND

TRADING Chart - PRIME Match at 1519.00, coupled with a Breach of last PRIME Support (1515.25), going into the close of the session. Not sure if we will get a PRIME PPF of Resistance (1519.00) to go SHORT tonight...Possible interim top, for PRICE to head back down to challenge last PRIME Support on the:TREND Chart - Leg 1 of Bull Break (Back Door, actually) was invalidated last night as PRICE

A Flat Opening

09:34pm We have breached last PRIME Support at 1511.00 on the Trading Chart. It sure looks like Leg 3 of Bull Break is now in progress - PRICE is trying to give us a PRIME PPF of Resistance (1513.75 - Trading Chart). Do remember however, that on a Swing Basis, we are still very much in a Bull Trend.09:40pm Something interesting is happening; The TREND Chart is trying to turn up!09:46pm LONG

Leg 2 of Bull Break Currently in Progress

Looking at my trades last night, it was clear that my SHORTs were going nowhere - This was because the TREND Chart was pointing up. Oscillation challenges on the Trading Chart was rather "iffy" and that created the "chop" that I was caught in. Going into the close, Leg 2 of Bull Break may be ending soon - There is already a breach of last PRIME Support of 1511.00 on the Trading Chart - And TREND

Lower Open on the ES

09:41pm On the TREND Chart, we have a PRIME PPF of Resistance - not very good news. A Leg 1 of Bull Break could be in the making. Last PRIME Support on the TREND Chart is at 1507.0009:43pm Two Oscillation Matches, back to back - INDECISION09:49pm We are just 0.75pts away from a Leg 1 of Bull Break.10:06pm Leg 1 of Bull Break - TREND Chart.10:15pm Stepping away for a while to take my dinner...11:

YAWN....

What a boring session ! The whole night, the ES hovered within a 3-point range. And even down to a 2 point range, near the end. Looking back, I must say that I was really fortunate to get 1 point out of my trade. It was down hill thereafter. Consolidation days like last night really takes the fun out of trading...Did I really say that? LOL

Clearing Last Week's High of 1517.00?

09:44pm We are 0.25pts away from last week's high.09:47pm LONGs are still valid but I am a little cautious here. Will wait for a "stronger" set up before taking up any position.10:06pm Still sitting on my hands...10:18pm LONG 1514.00 / STOP 1513.0010:21pm Moving STOP To 1513.5010:26pm Out at 1515.00 / +1.00pt.10:35pm Minor Confirmation of a Top - NOT a PRIME Confirmation.10:47pm Pretty tricky so

Higher PRIME Low on the TREND Chart

Last night's session low of 1507.00 was in PRIME on the TREND Chart, making it a higher low. Going into the close, PRICE is heading back up to challenge last PRIME Resistance at 1517.00. LONGs would be appropriate but with some caution - because Swing Chart has turned down in PRIME. So unless PRICE takes out 1517.00 with such aplomb, we have to be aware that it may just fail at the attempt to

PRICE Heads Higher

10:00pm Globex PRICE movement went higher as it cleared the 1508.50 level I talked about this morning. But now, with the TREND Chart pointing down, I would be cautious with LONGs. Will be keeping a look out for a SHORT set up.10:05pm TREND Chart is trying to turn up...Will see if PRICE concurs. It is does, then LONGs will be the trade to look for.10:35pm Sometimes it is good to just stay out if

ES Pushes Higher

The ES continue to push higher in last night's trading session. It reached a high of 1509.25, at around 3.00am, Singapore Time.Going into the close, the TREND Chart is showing a 4 X Divergent Top & with the Trading Chart presenting a PRIME PPF of Resistance, we are likely to see a pull back in PRICEs tonight (PRICE needs to take out last PRIME Support at 1506.50).However, if 1508.50 is taken out,

Well, what do you know...we are heading higher - Leg 1 of Bull Break Invalidated !

08:36pm Globex PRICE movements has proven my gut feelings right (look at this morning's post)...PRICE just breached 1505.00 by 0.50pts.09:04pm Waiting for pullbacks for LONG trades.09:36pm Minor PPF of Resistance - Will look for SHORTs first09:38pm Problem with a SHORT now is that it's counter-trend. A bit tricky, especially with the TREND Chart still pointing up. Will wait first. Anyway, more

Inches Away From Invalidating Leg 1 of Bull Break

To be precised, we were 0.25pts away from the last PRIME Resistance (TREND Chart) of 1505.00 - Going into the close, we are seeing a pullback in PRICE but should we start to fail here, it would be one of the closest PPFs I have seen. Somehow, my gut feeling says that today's Globex PRICE movements will probably blow away 1505.00 with some ease...Let's see if I get it right.

PRICE on Swing Chart in PRIME, and has turned up

04:39pm Globex PRICE movement looks pretty strong...and with PRICE turning up on the Swing Chart, there is the possibility of Leg 1 of Bull Break being invalidated - it has happened before.09:37pm SELL STOP at 1494.2509:46pm PRICE went higher. Removing SELL STOP.09:57pm BUY STOP at 1497.2509:58pm BUY STOP triggered. STOP at 1496.0010:05pm Out at 1499.00 / +1.75pts.10:37pm Leg 1 of Bull Break in

Leg 2 of Bull Break in Progress

Leg 1 of Bull Break ended with a PRIME confirmation of a bottom at 1:16am, Spore Time at 1483.25 & that signalled the start of Leg 2 of Bull Break. We are now heading back up to challenge last PRIME Resistance of 1505.00, on the TREND Chart.One interesting thing to note here is that for the SWING Chart, PRICE is now in PRIME & has turned up. If we get a PRIME PPF of Support on the TREND Chart,

PRIME PPF of Resistance - TRADING CHART

09:21pm A PRIME PPF of Resistance has occurred on the Trading Chart, at 1492.00 (07:21pm S'pore Time). If you had taken that SHORT, PRICE has to break through 1487.50. If not, then be prepared to go LONG, when a PF presents itself (Because TREND Chart is pointing straight up!).09:31pm TRADING Chart: Minor PPF of Support.09:33pm Will just be sidelined first...The inter-club squash game I had