ES 12-3-08

Daily PP: 837.50
S1: 824.50
R1: 862.25
Weekly PP: 858.50

POC: 834.25

Daily: 1128.50 / 732
60m: 874.75 / 824.50, 808
15m: 857.75 / 807.50, 805.75
5m: 825, 822.75, 816.25

bad beige book Brad - all bad news has been good today

Kool you will notice 2 blue retracement lines 59.25 is 61.8 from top. If you remember I mentioned that we could be in a big abc from top or one from the 50.50 low. When we bounced off the 61.8 we came down and retraced to 54 the other blue 61.8. After we bounced the second time at 54 I went long with the close above the cyan DT line and got snuffed. I sold @ 53 because we closed below the 61.8 retracement. You can wait until you take out the B but your giving up alot and where is your stop going to be? It would have to be above C or in this case over 6 points!

covered one 854.75, plus 2.75 on that one ,holding the other ..3 point stop

AHHH thx VO! GREAT CHART!

natural selling place would be the 261.8 @ 61.25

yeah baby!

sorry palmer I was to late in answering to do you any good

lowering stop to 859.00, ill cover soon

dont know but seem they want to push higher

VO...would this ABC call for a sell at the 1st close below 850.50?

good trading today everyone

VOwater: thanks for the charts and helpful explanations