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Old 05-15-2007, 06:47 PM
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Re: Classic topping pattern on ES
Nice charts notouch. As a candle trader myself (although I don't use daily charts) there could be a very aggressive short based on your shooting star with high volume. Obviously this would be an aggressive counter-trend trade, but there is a potential setup there for sure. I prefer to see some more bearish conviction before taking a short into that uptrend, but for those willing to be aggressive, I could see a short entry with a stop above the double top.

I guess I don't have the stomach or nerve to be shorting into this uptrend until there's some more bearish conviction. Of course, if the short works, getting in now is ideal, but I would not be willing to short just yet based purely on the candle pattern and volume.

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