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follow the professionals
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Created: by Silvester17 Attachments:12

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follow the professionals

  #11 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
Platform: NT 8, TOS
Favorite Futures: ES
 
Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
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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)
Elite Member
Marietta, GA
 
Futures Experience: Intermediate
Platform: NinjaTrader
Broker/Data: Mirus/Zen-Fire
Favorite Futures: futures
 
Posts: 35 since Sep 2009
Thanks: 48 given, 8 received

Please forgive my ignorance, but what are PnF bars?

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  #13 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
Platform: NT 8, TOS
Favorite Futures: ES
 
Silvester17's Avatar
 
Posts: 3,332 since Aug 2009
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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://www.movethemarkets.com/blog/2009/08/10/quick-and-dirty-ninja-pnf-bars-version-2/
(hope richard don't mind)

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


Last edited by Silvester17; April 3rd, 2010 at 11:10 PM.
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  #14 (permalink)
Market Wizard
Columbus, OH
 
Futures Experience: None
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Posts: 3,332 since Aug 2009
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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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follow the professionals-es-06-10-4_8_2010-pnf-4-ticks-.jpg  
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  #15 (permalink)
Market Wizard
Columbus, OH
 
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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)
Elite Member
san ramon
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: zen
Favorite Futures: es, 6e
 
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I think few are very cautious......

The Scariest Chart You'll See This Week

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  #17 (permalink)
Market Wizard
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)
Elite Member
san ramon
 
Futures Experience: Beginner
Platform: ninja
Broker/Data: zen
Favorite Futures: es, 6e
 
Posts: 136 since Oct 2009
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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)
Market Wizard
Columbus, OH
 
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Posts: 3,332 since Aug 2009
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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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follow the professionals-es-06-10-4_23_2010-60-min-.jpg  
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  #20 (permalink)
Elite Member
canada
 
Futures Experience: Intermediate
Platform: Ninjatrader
 
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Posts: 44 since Apr 2010
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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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