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ES-08-29-08


I am selling one here at 1296.75. 3 point stop.
I'd have to say MP ( VA ) is more important as I think more pro's will look at it.....gaps are nice and so are closes but the average retail trader is on to that....I was also watching 8 points below the opening print.....and of course volume.....to make that LUCKY exit
quote:
Originally posted by redsixspeed

Bruce;

MP vs. GAP which do you find to be a stronger s/r


Did I fade 90.50? Why yes I did. Is 81 still my target? Why yes it is.
Bruce / Joe

Thank you sirs



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This large MP on the left is a graphic of the entire ES U8 contract life. Notice the markets yesterday traded out of value 3 ticks then rejected it and sold off 16 points, a very nice short in which we participated in. At the same time markets were on a monthly basis above value and a weekly basis. another note; the market has been for the last month spending most of its time in the upper end of the contract life VAH and retreating only about 20-30% back through the value area. So looks like the market is wanting to move highier.
spqr..while you wait for your 81 to hit perhaps you could address this...

http://www.mypivots.com/forum/topic.asp?TOPIC_ID=3217&whichpage=4

I was hoping you would have replied before the up move but after the fact is ok too.....

thanks

Bruce
selling 1290.25 for a very short scalp. 1.75 stop
No problem...glad to help when I can.....it's always good to have explainations for trades etc...

So if we miss something then please point it out and I'll do the same...I hope all enjoy the long weekend...and a big hand once again to Joe for taking the time to post those great MP charts..........I have lots of learning to do on longer term MP......great stuff......If I could roll it up, I'd smoke it........lol...Ok maybe back in the 70's I may have tried that one.....
quote:
Originally posted by redsixspeed

Bruce / Joe

Thank you sirs

based just on your longer term chart alone Joe, I would say they want to fill in that low volume area between the 67 and 81 area.....good long term points of reference....especially for next week...
covering around 1288.25
out at 1288.50.plus 1.75(6.25 on the day)
Will you explain why you took this trade? Yes you will.... hopefully.........besides the retest of the Value area low of course...perhaps that was it....


applied knowledge is power....knowledge alone is not enough!!!
quote:
Originally posted by SPQR

Did I fade 90.50? Why yes I did. Is 81 still my target? Why yes it is.