Market stalled at upper resistance creating a possible PB similar to b2-3. We are interested in multiple supports/resistance levels being broken in a relative short range. This is believed to offer a significant run in the breaking direction.
At point A, we break the 50CB (developing), the b2 50CB TL, and the 20EMA. This break allowed high seller (at the stall) a +8 to +10 opportunity.
Point B: a reversal set up with a minimum expected PB to the b16 50CB
[10:56] <CM> b18 double signal developing
[11:00] <CM> multi-mkt interest favoring buy can be short covering but worth watching for a long entry 1 conservatives will let it sell lower and possible enter on next pb through the level aggressive long and will add lower if needed
[11:04] <CM> for number purposes the es value is 1640-39.5
[11:29] <CM> es pb targets 43 44 46
[12:15] <CM> if I could control the mkt push to 42 area, trap new shorts then reverse to 47.5-48.5
[12:17] <CM> would be a nice bear/bull swing day of 10 dn +10 up.
The PB hit the 1640 support and established a HL for the next long consideration, and the +8 to +10 run for the bulls.
[12:23] <CM> dominant trading range today (link removed) 48.5-41.5
We hit the BO-5 and price sold retuning to the dominant range.
TODAY: 5/30/13
[08:31] <CM> today long above 1652 (LB) stronger above 54 short begin around the 1649 TL stronger at 1647 trade range to be aware of: 50cb at 1651 to 1645.5
At the open we had a failed break out of the SB. PA quickly ran the range and extended to the BO-5. We then see the bull channel keeping price above the 50CB Tl (a gap)
The shorts returned at the end of the day to gain some favor in the market. The break of the TL was a valid entry.
[14:07] <CM> well, a 58-58.25 sh has upside risk +2 (60.25) downside + to 54
Not bad. PA went 2 ticks higher (60.75), then ran for 52.5.
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