New ES contract on 5 minute bars to show what I was flapping my gums about on volume profile. Blue area is the classic 1 standard deviation value area. I know it is stupid to assume a Gaussian cure, but that is the way it is viewed by those who play this way.
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Chart for the road: see volume, too small and a pull back is less than 1% in price, it tells me that this is just a consolidation not a distribution. atm. Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
Trades with cats wrote:Twitter feed saying a proprietary dollar flow tool (mcm.ct.com) showed cash markets had largest outflow of the day on this bounce.
Here is the charts/chat room to monitor if you wish
SMALLS, top panel
Megaphone tilted down, “Descending Broadening Wedge”
Both trendlines slope downward.
“Downward breakouts are quite rare”
“The breakout direction is upward 79% of the time.” http://thepatternsite.com/dbw.html
60 min
UNABLE TO POST CHART
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
My feeble attempt at BullBear's view of the market, that is I added the Fibs and roughly the now failed up channel. The bounce made it to the overnight low at the 61.8 fib and then failed. Now we are back to the POC and there just isn't a lot of room between here and a very ugly close. US Fed speakers haven't helped as Lael droned on about how they are masters of the universe and are watching everything. Guess it is wrong to expect such people to actually tell the truth.
Of course the NoK's are now being accused of an underground nuke test, just to add to today's narrative.
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flrtrader,
Thanks for the link. I have been to that site once before. I am just not smart enough to get much from it.
Also, I am good at being snarky but I really think the site moderator needs to be straight up like Cobra. The straight man (not the comedian) who always keeps us focused.