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Out of Steam?


Out of steam? Thats what I'm counting on, Short from around 1278.75 looking for 1250is levels. I've got some major resistance 1279-1282 plus the market hiting some old tops from 07/09.....
I treat them as if they are valid for the next day Joe but will also watch what is happening with the other markets to determine if they will "hold". I personally like to take trades and use the single print areas as targets especially with the ES market as it back fills so often...you spotted them all correctly.....many beleive that if they fill in then new lows (in this example ) should follow..
quote:
Originally posted by CharterJoe

Bruce,

Thanks for the info on the single prints. There were some single prints today @ 1270.25-1269.75 and @ 1257.5 correct? And do are they viod for the next day?

many believe it is the first set of singles that form on a day that have the most power as this is the point of the initial drive out....so just because we fill in the 57 area today it doesn't mean we will make new highs...but if the 70 area gets filled in then many will watch to see if we can get new highs....it's good to keep track of when they get filled in and what happens after.....
This was a good call ..well done Joe
quote:
Originally posted by CharterJoe

Out of steam? Thats what I'm counting on, Short from around 1278.75 looking for 1250is levels. I've got some major resistance 1279-1282 plus the market hiting some old tops from 07/09.....

I think today shorts taken in the 63 - 65 area will work out well as long as we go that way first
Market filled in singles @ 1257.5. This is a great way to contain price, MP.
What's nice about MP is it's implied structure. It also makes one step back and look at a longer time frame ( 30 minutes) which for most day traders is probably considered large
1253 - 1255 is critical today as lots watching that close and high volume in current session
started shorts at 61.75..not perfect but high tick and high volume into the plus 4 area.......and begining resistance zone
hoping for the "texas three step"

1) bring it down first to suck in shorts
2) Bring it up to scare out shorts

3) Bring it back down to take out yesterdays lows and frustrate original shorts
add on for me will be 65.50 if it prints...but if no add on then target is 55.50 first
What a great run i love this "bear" market...51.5 ES pts in a day and a 1/2. Markets hit a bumb @ 1313.5 right above the Wpivot and 1315 Is major Sq of nine, and 1307 is a monthly pivot with a very nice doji and weaking MP today, filling in singles from today at the 12:00 bar and 11:30 bar. After going long for so long its tuff to pull the trigger at times and step in front of the bull train, but once again proved worth it.