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Looking for longs...


In this 1445 area......we have weekly pivot up above.....concern is 9/11 anniversary which may be factored in at these low levels..should at least test 1450 today..and hopefully soon...

Trade with passion!

Bruce
Here is one minute chart of the key number window...I haven't snapped a line at the plus and minus 5 numbers..but you can see the key number 1450 and the plus 2.5 and the minus 2.5.....you can see that the current low stopped exactly 2.5 points below the key number..at 1447.50... These become alert zones and this post doesn't deal with entry methods at these zones...so we are coming down from above so longs would be preferred...if we travel 5 points below the key number then I would prefer to sell into any rally to a zone...

Just for the record I wasn't here to trade any of this today...I only present it for further study...

Click image for original size
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Cool Pt....would you mind giving us a reason or some basic concepts for the trade? I'd like to get some education out of trade postings. I realize some feel that they they want to keep their ideas to themselves and I respect that too. I personally feel that we can post the " keys to the trading kingdom" and most will still find a way to screw it up before they look for the next magic trading idea. So basically I never feel that I'm diluting my own trading success by explaining what I look at. The ones that persist usually take it to a new level which is what it is really about..

Thanks

Bruce
quote:
Originally posted by pt_emini

exited all-out NQ at 2034.25 for +18

just a close up of this key zone and the "window" for the second half of today...big rally out of there....

Click image for original size
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As always good work Bruce!!!

I would be lkg for a test of the low come Monday morn...and then up till Nov 23...1477..1492 1500-1502-1514...maybe 1520!!!

Good long entry would be 1444-1439...maybe 1437...but its going up imho. The weekly should be hit Monday.

Next date to be wary is Nov 23..

Good luck
close was at 1460.25...my guess is they sell it off at globex a small retrace..and then down in morn to test lows of 1447.50 which should be broken imho.

Then up...till Nov 23

Happy Thanksgiving
quote:
Originally posted by BruceM

Cool Pt....would you mind giving us a reason or some basic concepts for the trade? I'd like to get some education out of trade postings. I realize some feel that they they want to keep their ideas to themselves and I respect that too. I personally feel that we can post the " keys to the trading kingdom" and most will still find a way to screw it up before they look for the next magic trading idea. So basically I never feel that I'm diluting my own trading success by explaining what I look at. The ones that persist usually take it to a new level which is what it is really about..

Thanks

Bruce
quote:
Originally posted by pt_emini

exited all-out NQ at 2034.25 for +18





My rational was based on price action at the time. Using the 60 minute chart and looking back at the previous day's price action we saw the market break intra-day support and sell-off Thursday afternoon, followed by a modest gap-up open Friday morning breaking the intra-day trendline from Wednesday's swing high. I viewed this trendline break as a signal that short term support had been established and buyer's were willing to put a bid in the market. I thought support might be re-tested which might afford an opportunity to trade off support. So what then are the logical support levels for new buyers in this price structure ?

One location would be the gap-fill, in this situation I felt this would not be significant since it was too close to Thursday's low. Thus, I suspected Thursday's established support level (the low of day 2015.75) would be the price level defended if the gap was filled. Friday morning we were blessed with a very nice short term double bottom form right at the 2016 level, the 5 minute chart shows this little double bottom. As the NQ was testing the support level there was also a divergence between the indices, with the ER2 having blown well below support, NQ exactly at support and the ES holding above support. You might also take note that as the double bottom formed for the NQ, the ER2 made a higher low, thus the weakest index started acting stronger. Thus my entry was based on the little double bottom that formed on the 5 minute chart at the support level combined with the index divergences. Thankfully the support level held as buyers took control of the market lifting prices away from support and back into the range.

Edit - added discussion of index divergences that existed at the time the trade was initiated.
Thanks Pt..very cool trade indeed! I appreciate the explaination
quote:
Originally posted by BruceM

Thanks Pt..very cool trade indeed! I appreciate the explaination



Anytime...


Looks like this little trading range forming the last couple of trading sessions remains intact... ES: 1448 - 1464

I suppose one might wonder which way this will eventually breakout.
Great zone so far Boots...any chance you can send us a chart so we can get a visual on how you came up with that area? Some great screen capture software out there....
quote:
Originally posted by pips2007

A
Good long entry would be 1444-1439...maybe 1437...but its going up imho.

pips - Looks like you have your 1437 test... should prove interesting to see if this level holds... if so, then we would have a possible double bottom formed on the ES daily chart.

Are you still expecting a meaningful rally off this test of 1437 ?
we might need to open a new topic here... "looking for a trading range" .... how many times are we going to run into 1470.50 today ?