ES is swinging around pivot level from stall level to stall level. One should not ignore that ES is still quite resilient even if it is peaking now on the daily chart.
It may be a little early for most to go short on that time frame still, but the risk is relatively limited.
Note that going short on the 60mins chart is considered technically as a contrarian trade since swings are still UP on the daily and weekly charts. We generally go with the flow, i.e. only take aggressive contrarian trades if pivots start showing even if unconfirmed. There is nothing wrong with being more cautious and wait for a clearer pivot on the daily chart.
ER (aka TF): similar picture, however may be slightly leading ES.
NB: a commented chart is posted on the technical blog:
http://ts-trading-technique.blogspot.com/2009/04/es-chart-with-commentaries-apr-16th-09.html
( posted 7:50 AM UK)
Thursday, April 16, 2009
Market update - Apr 16th '09
Subscribe to:
Posts (Atom)
