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anyone trying shorts??


Up here at 845 ES....S&P is holding back this rally today...where the HECK is my plus or (hopefully) minus 8 - 10 range? has everyone gone to 24 hour trading???
that would be cool joe..I'm on the 82 area with ya for the ZZZZZZ!!! don't expect the inside day today...but not much lower..watching close if we hit the 87 magnet..double 5 minute low may have buyers fooled
i'm done at 74.25 today.........nice day for probabilities!!!
close gap at 81.25....FWIW...any good long will use that as a target
quote:
Originally posted by CharterJoe

884 is an important number on my scalping numbers today, it is sq root +.146 off yesterdays low and is close to the overnight high (globex hi=882.5) so I'll have my finger on the trigger around that area as well...would be nice if we could get an open print @ 880 so it would be the plus 4 as well. happy trading all



How you compute 884?
(75.25)^(1/2)+0.146+875.25?
tks.
Nicely done Bruce.
quote:
Originally posted by blue

quote:
Originally posted by CharterJoe

884 is an important number on my scalping numbers today, it is sq root +.146 off yesterdays low and is close to the overnight high (globex hi=882.5) so I'll have my finger on the trigger around that area as well...would be nice if we could get an open print @ 880 so it would be the plus 4 as well. happy trading all



How you compute 884?
(75.25)^(1/2)+0.146+875.25?
tks.




Here's the link to the thread....
http://www.mypivots.com/forum/topic.asp?TOPIC_ID=3079&whichpage=1&SearchTerms=square,roots

But take yesterdays low 875.25;

1)punch that into your calculator
2)get the square root of the high or low (low in this ex.) 29.58462
3)since it was a low you add .146 is the first resistance .25 is the second. .382 is the third. .618 is the fourth. And since most markets have short term memory loss the .618 is only good on major tops and bottoms. If it was a high you would subtract these ratios.
4) you multiply the answer by it self 29.73062 x 29.73062 =883.91

the high of the day was 883.50, in weak markets like what we had today they want make it past .146, normal corrections go to .25 and tops/bottoms usually occur at the .382's runaway markets run to the .50-1.00 corrections. Those are times of high VIX usually readings above 55.
Also got a good trade off the correction of the first major low today @ 12:30. Markets got there relief rally of exactly sq root +.146 (couldn't make it past .146, that tells me that the market low wasn't in) off the low of 866.25 and any trader worth there salt knows the market moves counter trend after the morning move off the open...tat 874.75 area was another great low risk place to add some shorts if you missed the I.B. breakdown.

Now this last rally was over the .146...so the next logical short area is 880. But the way the market acted right before the 880 sq root resistance tells me not to short 880 for 2 reasons .....one the short term short covering was over which the shorts covering couldn't quite lift it to 880. and two this was another relief correction and will most likely gap or run to 885.5 to 888 at the most before some low risk shorts can be taken <low risk=extra contracts> I am not going to hit the 880 hard since it didn't make it the first time, you might as well save your money. and wait for 886ish area
Hi Joe,

Thanks very much for the explanation. It was very helpful that you included the numbers so I could work along on my calculator and understand the math.

This is quite fascinating. Does this work out most of the time in your experience?

All the best,

Ian
in my world there is no coincidence to todays open and overnight trading filling in that gap......only wish I was still long for it still.......anyone see the beautiful Triple run yesterday...? It was a textbook triple!!!
quote:
Originally posted by BruceM

close gap at 81.25....FWIW...any good long will use that as a target



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...Posted yesterday
,i agree with your assesment Joe!
Just about perfect - perfectly wrong that is!