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ES S/R Map for 11-10-09


Here's what I've got for price action S/R levels ... blue lines. The red line is Wkly Mid-Pvt and greenish lines above it are Wkly S1 and S2. As always, open to any and all feedback and encourage posts including charts for analysis coming into Tuesday's trading day!

ES 60 minute chart:

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Forgot to mention, I still expect that Swing High early this week, (meaning either Monday or Tuesday). Since we did not get the swing high Monday, I am looking for that swing high sometime today. Then the ES will swing down breaking through support levels the rest of the week.
This thing is strong...almost like the good ole days.
thje see my air at 88.75
Nice looking doji, hammer, pinbar (what ever you want to call it on the daily) for a gap down in the overnight. I'm gonna load up on some long USD, & short ES if it isn't too late.....
why PT...? are you tracking cycles or something else..thanks
quote:
Originally posted by pt_emini

Forgot to mention, I still expect that Swing High early this week, (meaning either Monday or Tuesday). Since we did not get the swing high Monday, I am looking for that swing high sometime today. Then the ES will swing down breaking through support levels the rest of the week.

quote:
Originally posted by BruceM

why PT...? are you tracking cycles or something else..thanks



yes and yes ...


Cycle clusters which include time and astro cycles. For example yesterday was a major Bradley model turn date, which is just one input into the composite picture. There were several other cycles lined up on yesterday afternoon. Today has a couple of other cycles topping. After today, we can start looking for Lows around Friday and into next week.

Cycles are nothing more than a forecast of what might happen at some future time. We still need to see price action setup and confirm (or blow-up) the forecast.

In response to the steady decline in volatility, I am focused on swing trading, more-so than intra-day scalping. This timing analysis combined with meaningful price levels is helpful in establishing parameters around a swing trade. Since I do perhaps one or two trades a week, I have ample time to work through this more complex level of analysis. Last week for example I did one swing trade.
quote:
Originally posted by pt_emini
Last week for example I did one swing trade.



What was you buy price and time and have you closed the trade?

Thanks
Thanks PT....in General what would be the signs to put on a swing trade to go short? For you is it nothing more than catching a good day trade and holding it with a good close or is it something more?
Blue - Entered Long on Monday Afternoon, added Tuesday, took profits Tuesday late afternoon and exited Wednesday morning.

Bruce - Combination of luck and patience. I try to figure out what day the turn is likely to setup, then use the usual intra-day trading tactics to find an optimal entry point. If I miss that entry or get shaken out, then I have to chase price as it's breaking out of value. In either case, once in I try to ignore the noise and hang on until the new trend breaks free and runs. As long as price is well behaved inside value or trending in my direction, I have no reason to exit.