November 15, 2005: U-Turn

The market reversed course after morning upside action... should be noted that VOLD broke the dowside levels of prior few days which might signal more downside to come.... 2200 on COMPQ still remains strong resistance even though Dow broke out beyond 10650 level and ES beyond 1230....I'm watching the tri b/o pattern on semis where it b/o to the upside then reversed below pivot... it it consolidates below the pivot then it means more downside in trend mode!!...I should also highlight that there's a H&S pattern developing on ES daily where the LS and H are there and it implies a lower market action to develop the RS...


Today was particularly tricky and required patience aka sticking to rules!! only 1 trade on ER which is continuation would've taken place... other than that there were plenty of 1-bar reversal trades that offered plenty.... The YM could've been traded on the long and short side per the chart...