Our focus in the free chat room each day is the the lower time frame action, but that doesn't mean we don't take the pulse of the larger frames. Today at the close, TF futures finished below the neckline of a rather ominous H&S pattern in the daily frame. And although H&S patterns are notorious for failure, despite what you read in textbooks, any short term trader should be aware of the building momentum such a pattern, if successful, can bear on the trend of the lower frames.
Trade Summary
20120514
Short 2 TF 780.7, 780.9, -0.3, +1.0
Long 1 TF 778.0, -0.0
Short 2 TF 777.3, 777.3, -0.4, -0.4
Long 2 TF 777.7, 777.8, -0.6, -0.7
Long 2 TF 777.1, 777.0, -0.4, -0.5
Long 2 YM 12631, 12631, +12, +30
Long 3 TF 775.3, 775.3, 775.3, +1.0, +1.0, +2.0
Short 1 TF 778.4, -0.4
Total YM +42
Total TF +1.3
