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ES 8-25-08

The measured move is surpassed without making a higher high and has fulfilled three descending premium prices from 94. I've a day limit at price short at the open targeting 80 even for 12.25 points, using a 4 point stop.

The false bull was a B wave pullup in a bear controlled double zig-zag ABC whose measured move would come in at 1220.25, breaching the bull's second wave, where bears were satisfied at 1231.50. It's too early to tell if a bounce from 20 will be a bonifide 3rd wave of the bull or a failed attempt leading to new bear market lows. I strongly suspect bull head-fakes all the way down from here to a double bottom at 1200.75 and then a bear exahustion move until it irons out to create a bottom. It's been one hell of a bull run. I'm targeting 1140 when I decide to get longer-term. I want to see what the bull bounce does however.

First thing's first though; bears have to hold 80 even.

That post is a weekly profile. I am now running a monthly profile starting with the first trading day of the month to the last, I am also running a weekly MP and monitoring the DVA's not the past VAH or VAL, but the DVA of the month. Friday the markets almost hit the VAH on the monthly and now almost back at the DVAL on the monthly. I have also back tested and found that the first two days of the week should be ran with the previous weeks VA and the fisrt week of the month should be used with the last months VA.

This is what I have found works very good...

Monthly mp = IB 1 week
Weekly mp = 2 day IB
daily mp = 60 min IB

I have also noticed that monlthy MPs behave just as daily. Aug is a buy low sell high with rising value, but july was the opposite, while june was a down trend patteren constintly having range extensions on the monthly chart.
I feel strongly if the market close below 1260 on the daily 1200 will arrive quick.
This is very interesting data indeed. I am curious to see the results if we do close below 1260.
I agree joe , i just feel its too early... time will tell
Joe, do you wait until the IB is set before making any trading decisions or do you make any trades before that as well?

I think its early as well, this months I believe is set in its way, perhaps early sept.


I use my indicators on large IB days with no extension (buy low sell high). then on days like today with a very small IB and an extension in the direction I think the markets are headed I'll hold. Other days I'll enter right at the open. So it all depends on what the market as a whole is doing.
sold 2 at 1268.00 lowering stop to 1268.75
ill cover one at 1266 (i hope)
Thanks Joe.
holding remaing for 1285(if not stopped out!).one tick away, that was close!
Thanks Joe