July 12, 2013

  • ES Hour Moving up in a channel.
  • One hour shows support at 50 Hour SMA on declines.
  • Daily chart shows price at crucial resistance level. Bulls need a breakout here to continue this up move. Weakness only on price falling below 50 Hour SMA

  • Above charts suggest an up move or Bullishness in daily chart But price reaching a point from were it could go both ways now.
  • Weekly chart shows price in a broad range and price is near the middle of this range. Best trade one could have taken yesterday is buying the 2500 Straddle. Straddles work well when the volatility is expected to rise and is also safe as the trader holds both put and call at the same strike price.

  • Daily chart shows the recent reversals from Lower BB through Middle BB has managed to hit the Upper BB. This up move too looks good to target the Upper Bollinger Band.
  • Second chart shows confluence of resistance with the resistance line and Upper Bollinger band.
  • But before that price has to Cross the Golden ratio shown in 4 Hour chart.


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My Favourite Quote

"All through time, people have basically acted and reacted the same way in the market as a result of: greed, fear, ignorance, and hope. That is why the numerical formations and patterns recur on a constant basis."
—Jesse Livermore