LEONES
Short

E-Mini S&P 500 towards 1500

227 9 1
The chart explains everything. Price tested resistance on the upper parallel line and 20 moving average. We are going towards 1500 level. QE tapering..makes sense
I watched you used the forks in many charts, but my impression is that the results were random. This is another example that the resistance of fork was broken. My observation is that we can't trade based upon a fork. There are other factors like volume and time cycle we need to consider.
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when the resistance was broken?
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i don't see any resistance broken. Do you mean today?
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knock LEONES
Now a resistance is hanging there. SPX already parks at the resistance, and es might follow shortly, meaning a pullback followed by a breakout, which will prepare for next selloff.
snapshot
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I like this one, higher than the circled point it is going to be bull again
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I think we need to more the fork at this point
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Note that today doesn't count because of the US holiday (low volumes) so if the price goes back into the pitchfork on Friday the sell order is still valid for me. If you look at the top left part of the graph I always have the Volume active but I normally hide it when I publish the study. I also use Open Interest but with another pltf. Pitchfork and Ganns are a useful tools that can help in identifying a trend and areas of support/resistance but they are subjective in many aspects. You can look at the closed profit / closed loss section to see the bad / good trades. It around 50/50 at the moment but note that I don't trade all the published studies (sometimes I change my mind) and the reward/risk ratio I normally consider is higher than 2. The final result is a profit. Time cycle is an important factor, I agree, patterns tend to repeat themselves and market has a memory. Seasonality studies are other tools. Sometimes is also useful to watch the COT weekly reports to have an idea where the commercial and funds are moving their money (unfortunately not available in TradingView in chart format).
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'Zombie' day tomorrow
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order still valid for Friday or next week - market closed
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