thursday, page-2

If there ever was an example of how the background condition of the market influences the future this is it...
on the emini SP500.
A few days ago I posted this chart indicating the the horozontal condition of this market with the relationship between the ref-points (1),(3) being neutral ..the trade from established support was a low risk one , just a few ticks. given the horozontal nature a fade below the 23% level was something to look for. and bingo thus far yeilded 80 ticks.

Posting a new reference point today the new ref-point relationship is slightly bullish. 1. / 3. three is just a little higher than one now. Not a great location to iniate a position , right on value and the 50% fib level ..as the price action in this area can be quite random.There is some resistance at 1200 and that could be good for a short scalp ..but high risk low reward.I could have found some indicator , or news item that would have prevented me making this trade ..but the data dosen't make things up, and it filters any information..the market always gets it right ..all the news is expressed in the process .Where too now ??? ...thats a big wait and see, as I've said before there is always an opportunity when your patient and instep with the market ..good luck.