Thursday, February 17, 2011

S&P500 day trading course bull flags price action

S&P500 day trading course looking at the Bull flags and the continuation to the upside. [caption id="attachment_3514" align="alignleft" width="218" caption="S&P500 day trading course bullish flags and continuation"]S&P500 day trading course bullish flags and continuation[/caption] When looking for the bull flag in a bullish channel you are looking for a push up. A period of failing commitment and then a small retrace to continue the direction of the channel. Once there is a move up there is no decisive price failure it more or likely will be a retracement over a period of a few days before commitment on the buyer side to move again.  This consolidation or area of indecision is characterized by a 50-61% retracement of the move up.  Looking for the velocity of the move to get an indication of the length of  consolidation. As you can see we have had three bull flags on the way up on the 480 min chart, continous contract on the S&P500 emini future March expiration. Each move up is decreasing in its range.  Although this isn't a widely held market and the volume has been decreasing on the move up, we can see that there is continuation in the major trend. Buying the dips, has been easy pickings this past two weeks.  Watching for a pull back and a further continuation to 1365 then 1425.  If the market holds.

S&P 500 day trading course

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