Channel Guy Trader: /ES S&P 500 Futures 4hr Technical Chart ** Update ** with Continued Dollar /DX Analysis

/DX Dollar Futures Daily Chart

/ES S&P500 Futures Chart

Hello traders, hope you guys enjoyed the trading day today and were able to profit on the nice up move we had in the markets today. On the open they took the market lower, cleared the weak hands, and shot her right back up. You must ask yourself why would they do this ? hmmmm TO TAKE YOUR MONEY. I mean the obvious trend of the market is higher so therefore the upside has more probability to happen in your favor especially with this market action and sentiment. My position at the moment after making money on the SLV puts the other day is CHK. I took a position on CHK this a.m after the reversal via calls and am up a nice 20% in one day. Now I am looking for more continued strength so I am looking to hold this and if it closes good tommorow will continue to do so. The chart is in a continuation triangle of an uptrend and has earnings next week. I doubt I hold for earnings, but I will like to play a run up into one. I will cut the position loose tomorrow on any gap up or move higher that does not hold. As far as the broad market goes, we confirmed a close above that 1335 resistance area and now next target looks to be around 1360 ish or even 1380. Be mindful of the rising bearish wedge pattern that we are trading inside of. Now if we break doesn't mean we sell hard, but means watch your longs and maybe take some short opportunities. The dollar chart that we have posted is updated from the blog post earlier. Do you see a difference? well we were discussing the steep channel down and how if we break the 50% channel line, that everything was lining up for a move higher. THATS WHAT HAPPENED =]. So for people that don't love channels or TA shove it !! Naw I'm just playing, but what I am trying to show you is the more patient you are and the more you study the more you will start to feel the markets. I am not even daytrading intraday again yet, but I am doing research like I am. I am making money on options daytrades and short swing trades like I am. You can do it too!! So good luck ladies and gents. I will post any necessary morning chart update. Lets keep these winners going.