Well, for the time being, looks like that’s all she wrote on the downside. We’ve broken into another uptrend above 2,100 on the Emini and we’ve got to play this one out – “pull back to end of trend” – at least on the 40,500 tick chart. Oh well. Roll with the punches.
First thing Thursday we got a beautiful “triple” break of Resistance to the upside, which led to a very strong day. When you get a “triple” break look for it to run to “pull back to end of trend” on at least the middle timeframe (1,500 tick) and probably to the highest timeframe (4,500 tick). Which is what we got.
When breaks of Resistance (or Support) happen together – with a confluence of price – the trend moves are stronger because there are no cyclical levels to slow the trend down. And no sign of an 11am reversal – so we just bust stops all day on the way up.
On a personal note …
Off surfing to the Maldives on Saturday. So there won’t be much going on with Emini-Watch for another 10 days. But if you’re looking for things to research, check out the new look Emini Trading guide and updated how to read the ‘better’ charts.
Good luck with your Emini trading.