ESU9 Channel cracking
OK, The channel is plain as day. After the/ES put in a PERFECT double top at 1038.75 is the correction upon us? Finally a break of the lower tendline. Not confirmed of close under trendline, but a potential sign of weakness. Note the red trendlines above and below. These are the 50% and 75% trendlines of the larger channel off of the 667 low. They have been acting as nice buffers as can be seen in the chart.
- /ESU9 Long Term Chart
If this is the start of 2 of C retracements are 1019 to 1009. Look for a wedge or triangle to form. I would not be surprised to see 1000 tested.
Shanky
http://shankystechblog.blogspot.com/
Shanky, I like your chart. I have question about your chart. I was wondering how important is MACD in 15 min chart? How should we use it? What is the best time fram to be look at when you are using your below indicator like ERS and MACD?
The fearless ST leader Craig always used to watch the 10m charts for trading. The time frame of the chart above is just that. I prefer to use the 60m and daily indicators to time trades (combined with the 10m for really pulling the trigger). That way you get the larger trend in play and then nail the bottom with the shorter time frame. I also find MACD to be more of a confirming indicator after the move. The MACD histogram is great for spotting a change in price most of the time. Visit my blog or email me for more info.