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Thursday 12-13-07

Thoughts go towards the Monday Tuesday range possible break to downside...down in 68 area as per December futures....overnight low at 71 so far...would prefer lower trade first to get long once real time market opens...not looking to sell a break of Mon- tueday range as that may be a trap.. 86 - 87 area critical in ESZ7 on upside....buying a break of hour lows will be a possible long entry...

summary : got my long goggles on this morning
NQ stop hit -2.0
Back in another triangle formation...

trying another long in the NQ here... hoping for a resolution to the consolidation...preferably to the upside
down trendline held / rejected to the downside once again !

exited NQ at +0.25 (ie. breakeven) on the way back down...
triangle update.... the triangle continues with another leg up and back down again... good news is they took someone else's money that time
...finally got our triangle breakout, and to the upside !

Today's market in graphic. Both days that you see on the chart are the H8 (March 2008) contract. The symbol on the chart is ES H8.

Click image for original size
ES 5 minute chart for 12/13/2007 with developing market profile lines.