I've set up this blog to post some of my analysis and trades. I trade the E Mini S&P futures contract based on price action, mainly PIN bars, along with support and resistance, fib retracements and divergence. I will be posting important support and resistance levels each day including some levels based on market profile.

I will also post trades that I made trading off the 5 minute chart on the ES (e mini S&P) and occasionally trades off the 1 hour timeframe although they occur less frequently.

Thursday 1 April 2010

Divergence but no trade for me



Some nice divergence around the 1170.50 level leading to a move lower. I did not take this as I am waiting for a clear move to a new level and there was no PIN. Some traders may have taken this trade but for me its a matter of waiting.

You can see that price came up and made a slightly higher high where the red second vertical line is drawn, at the same time the stochastic and the oscillator at the bottom made lower highs, very clear divergence, price has now moved 6 or 7 ticks lower.

No comments:

Post a Comment