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ES 10-06-08


buying here...
yup , first objective down met at 1015.50, next one is 1012.25
quote:
Originally posted by Akola

wow 2.15 and no news from fed... 9xx here we come



Might see the invisible hand enter with force in the closing minutes, watch for a miracle rally, if not going into the close then certainly overnight...

"The President's Working Group on Financial Markets, which includes Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke, said it would move "with substantial force on a number of fronts" to implement the expanded authorities granted to the government when Congress passed the emergency rescue package last Friday."


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yup, pt, what we used to call the old plunge protection team. (rumoured to have been formed during the 87 crash,including Morgan, Merril, treasury and a couple others who would throw in a few billion to buy futures to stop a crash!)
selling one at 1130.00
short one... tight 2.5 stop
stopped ..loss of2.5 up 22.5
Wheres the peak, Pops ...around 3:20?
either that or 3:40
order to sell one at 1038.50, 3 point stop
You "could" figure them down so close to where there only pennies apart. But thats not the way they are used by me and also Gann. Here are the numbers I use, these are about 19 points apart, some more some less....

993
1009
1025
1041
1057
1089
1106
1123
1140
1157
1174
1191
1208
1225
1243
1261
1279
1297
1315
1333
1351
1369
1388
1407
1426
1445


Some common sense should be used...like don't trade these alone mix them with something good like $TICK, Market profile or RSI, If a market is doing a breakaway gap don't expect much on a counter-trend trade instead go with the trend after the number is broken. Treat them like everlasting pivots....


A good ex for a scalper would be the ES right now 10-7 at 2:30 the ES hit a high of 1042.5 thats close enough to my sq nine at the same time the 1 min RSI is overbought and the $TICKS are at the highest levels of the day, so it falls and falls to where? the next sq nine 1025 at that time the $TICK is reading -1000 time to get out of the short and go long. I have never seen them go from sq nine to sq nine so fast 2 years ago it could have been up to 3-4 days before hitting another sq nine and we would play the ES to death off that single S/R number using only a few other simple tools.

P.S. I trade front month until there is less than 5 days of time left then I switch to the next month and I only trade those exactly in the money.