Monday, May 13, 2013

Fibonacci Ticks 144-6765 /ES Futures


I have made it more of a habit of watching the tape come Mondays. Every once in a while there is a can't miss trade, but it is usually a chop shop all day long. Today's action coiled in a range, eventually running out of room as it bumped into the 60 SMA & 110 EMA. This interaction brought the index futures to new intraday Highs. The Ergodic Oscillator was positive for the entire day coming down to bounce off of the zero line on low readings of the Cumulative $Tick. TTM Wave A was positive throughout the day, while Wave C oscillated back and forth about the zero line. The TTM Mean Reversion gave nice hints to breakouts and breakdowns, when the bands angled ahead in the direction price would ultimately head, prior to the underlying's movement.