I see a gap up this morning that looks like a spike and channel pattern.  When you see a lot of small choppy bars that keep moving in one direction, it is often a very strong trend, even though it may not look like it.  Things could change at any time the way this market has acted lately, but for now the trend is up, so trade accordingly.

Mack's Mid Day ES Chart for 8-18-2014.
Mack’s Mid Day ES Chart for 8-18-2014.

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Comments

Seev2014 August 18, 2014 at

Thanks Mack! I see a mid line in that channel. Would you say it’s valid considering the long at 9:36 that bounced off of it?

Mack August 18, 2014 at

I believe there is a mid line as well, but I wanted to see more price action before adding it.

Seev2014 August 18, 2014 at

Alright, thanks!

steveo August 18, 2014 at

I see a mid line in the channel as well, but the second entry long at 0936 is valid even if you had not picked up the mid line yet. This move is 2 legs back to the 21 EMA – a nice long. Thanks, Mack.

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