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follow the professionals

  #11 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
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Trading: ES
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zikonc View Post
it certainly looks like that.................although I would not be surprised if we test 50s and 60s just a little more

absolutely. I wouldn't be surprised either to see a pullback. but remain more aggressive with long trades.

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  #12 (permalink)
 GT Murphy 
Marietta, GA
 
Experience: Intermediate
Platform: NinjaTrader
Broker: Mirus/Zen-Fire
Trading: futures
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Please forgive my ignorance, but what are PnF bars?

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  #13 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
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Maestro View Post
Please forgive my ignorance, but what are PnF bars?

PnF bars = Point and Figure Bars

here are some links for explanations:

http://ww16.movethemarkets.com/blog/2009/08/10/quick-and-dirty-ninja-pnf-bars-version-2/?sub1=20240326-1211-2529-9e4e-bbcec35dcf95
(hope richard don't mind)

https://www.investopedia.com/terms/p/pointandfigurechart.asp

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  #14 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
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thanks again Richard for the PnF bars.

I find it especially useful for choppy markets (together with VWTPO).

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  #15 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
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Trading: ES
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Silvester17 View Post
what is the market (ES) doing next? the pros going long or short?

according to the action we have seen the last few days, it looks like they will be LONG!

target around the 1220 area.

we didn't quite get to the 1220 area (yet), thanks to goldman sachs. but I would be very careful about shorting the market here. the up move is still intact and it looks like we are finding support again (like it did so many times in the past). a drop below 1180 could change my opinion. it reminds me a little of the dubai "crash". everybody thought that's it, we are going down, but in fact it was a golden opportunity to get long again.

so the question is, what will the professionals do?

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  #16 (permalink)
 zikonc 
san ramon
 
Experience: Beginner
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Broker: zen
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I think few are very cautious......

The Scariest Chart You'll See This Week

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  #17 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
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zikonc View Post
I think few are very cautious......

The Scariest Chart You'll See This Week

I don't know, but I have the feeling many traders are bearish for a long time and now they finally can smell something, just like jeff clark who showed us the scariest chart of the week. (thank you for the link).

I especially like this phrase:

"I warned you about this pattern ( here and here) as it was developing. When the market finally broke down, it wiped out four months of gains in just a few days. "

unfortunately he forgot to mention that it didn't take long at all to get right back up there again.

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  #18 (permalink)
 zikonc 
san ramon
 
Experience: Beginner
Platform: ninja
Broker: zen
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well, something is pushing the market up so no point fighting it....for now I would be modest about the leaps we make forward.......

I think he makes nice profit on his favorite chart pattern when it occurs
The China Bubble Is Ready to Pop ......

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  #19 (permalink)
 
Silvester17's Avatar
 Silvester17 
Columbus, OH
Market Wizard
 
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Platform: NT 8, TOS
Trading: ES
Posts: 3,603 since Aug 2009
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Thanks Received: 11,527


Silvester17 View Post
we didn't quite get to the 1220 area (yet), thanks to goldman sachs. but I would be very careful about shorting the market here. the up move is still intact and it looks like we are finding support again (like it did so many times in the past). a drop below 1180 could change my opinion. it reminds me a little of the dubai "crash". everybody thought that's it, we are going down, but in fact it was a golden opportunity to get long again.

so the question is, what will the professionals do?

so far I like my "1180" a little better than jeff's scariest chart. think the low was 1179.75

yeah sometimes those patterns like jeff's wedgie just don't work.

wonder if we test that 1220 area after creating that triple top? oops another one of those patterns.

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  #20 (permalink)
 
qewcool's Avatar
 qewcool 
canada
 
Experience: Intermediate
Platform: Ninjatrader
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where did you find the PnF in indicator/type chart ? can you post the link ?
cant find it in the download section.


Thanks

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Last Updated on January 31, 2011


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