7-26-11 TRADING BOT BREAK OUTS AND TARGETS

Post is late due to a conference, but here is a look at yesterday's action discussed in our webinar.


ES

click to enlarge

We were in the webinar and discussed the continued focus (given the current market dynamics) of looking for +5 and +10 moves from the BOT BO.  The break out today was short.

We again find our BOT range and targets matching well with HOD or LOD moves that professionals are expected to seek, the + 5-8-10 targets.

Just shy of a lower target, the ES developed a bullish channel long to the short BOT, followed by two failed reversals.  The 50CB targets were not reached until after 14:00.


TF

TF too broke to the Lower Trading Range with a BO of the SB.  Targets discussed in the webinar were hit, and we see a similar bullish channel reversal at a MAXT, with longs moving back to key 50CB levels.