lobwedgephil said:Classic bull flag, price broke out, came back and retested support, and went back up.SoTXAg09 said:
Anybody care to explain what Mancini is describing here;Quote:
Friday was fairly simple for me as I stopped trading around 1pm. As most know, I was long from Thursday. I said that I would add if price was still basing above 3945 Friday morning. If you look at Thursdays overnight action from midnight to 830AM EST, ES built a *perfect* bull flag (I would recommend checking this so you can see in real life what these patterns look like). This is why I said I would add in the morning if we were basing above 3945, and when I see a well developed, 12hr+ bull flag like this, I have no issues buying right inside it. From there, follow through was perfect: We rallied at 830 AM to around 4k, pulled back to perfectly back-test the bull flag at 3975, then ran to ~4025 target.
I've looked at Thursday's overnight on 5 min, 10 min and 1 hour and don't see this 12 hour bull flag in ES.
Thanks. It was the description of 12-8 that threw me off, but that channel makes more sense.