Thought of the Day (50pips)

Originally posted on 50 on Markets:
“I strongly suspect that even the most successful traders have a constructive side and a destructive side–a self that is capable of mastering the markets and a self that is capable of implosion. The traders who are ultimately successful have found ways of continuously accessing the mastery they possess. The…

ES 10/23/12

I had a reminder on my charts for 1420 however it was resisting to get under for a few days now. Looks like it is going back to the balance with MCPOC 1396.5 Some gaps and VPOCs there also

ES review 10/17/12

“Large ranges give way to small ranges” – Larry Williams Yesterday I wrote: 1433.75 1443.75/1444.25 MCLVN, dividing area between balances 1446.75 CLVN 1450 – edge of upper distribution 1453/1456.75 CHVN’s Here is how the levels worked out: The minor LVN’s were Resistance pre-market but the Major LVN became support in the day session yesterday and…

ES 10/16/12

The M shaped pattern is commonly called a double top reversal pattern. I like this: it is perfectly normal market action for prices on an uptrend to peak at a resistance level a couple of times, retreat, and then resume that uptrend. It is a challenge for the analyst to determine whether the decline from…

M chart pattern

If this pattern were not known, that how can it be explained to you? This pattern has occurred 10,000 times in the past. — Bill Duryea (@IOAMT) October 12, 2012 I was reading some very interesting comments by Bill Duryea from IOAMT on Friday. On Saturday when I was cleaning my desk I found a…