Saturday, January 27, 2007

ES #F Price Action Trending Day Down

All time high made on ES #F on Wednesday at 1447.25. 1447 was a 1.618 fib target out of congestion/consolidation. Globex price action made a double top for an easy sell signal. The DTL drawn in place was not violated until near end of day. Price action was impulsive in character, so it was easier to hold onto the short and to trail with DTL. The trend is easier to see off this chart as opposed to a 30 minute chart.

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