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# ES short term trading 4-22-10

BruceM,

It tagged 1191, did you get out?

It tagged 1191, did you get out?

yes except for three contract..because that was the air pocket test and I had the 93's, the 89.75 and 86.75 (s2)...trying with three contracts left for the 95 test but will exit on new lows if all markets run outthe bottom ..that would mean that the breakodown is working for those traders and they didn't even test the overnight lows...

took two more off at 94.50 surge.....last target is 97.50

flat on last at 93.50...that was a big $tick into yesterdays lows...clueless now

just watching to see if they will tag the overnight midpoint and breka the hour highs on the way...nothing working

i'd like to see the 91 -92 now hold to go get that 97 number...low volume at the 92 hopefully implies some good buying...triples on the highs...!!Ym and Nq both went above yesterday RTH lows...not ES...Yet!!they gonna run that 95 print

11:55am est. USD President Obama Speaks...fwiw

thanks Red...I didn't know that...

I have an interest in 50% retracements.

50% of the range of a week is a strong area of either resist or support. Think about it, once price has undercut 50% of the range for week, that makes ALL the buyers above that level losers for the week. This can sometimes be an impetus to lighten losses (euphemism for sell).

Last Friday, after the GS news, in RTH, price plunged below 50% of that week's range (50% based on 24hour prices), then bounced a little and stopped right at the 24hour 50% retracement of the week (on Friday, APril 16, 24hour 50% of the week was 1197.75). Once that was broken (near 10:55am EDT) it acted as resistnce on the first test.

Today, 50% of the week is 1194.63. Does it have to stop a swing up? No. But on a first test it has to be considered a headwind. Today, that proved to be the case as the price advance to that general level was rejected.

right now, price is caught between 50% of the week and last week's C (1189.75).

There is some potential for a Wyckoff SPring with a slight undercut of established low of day. But, if price manages to find a footing near the 89.75 level, a measured move would target 1198.75 (assuming low for swing is 89.75, plus initial lift of 9 points from 86.25 LOD to 95.25 HOD (add 9 to whatever the swing low happens to be).

89.75 is more than just last week's close, it is also a 50% retracement of this morning's lift off the 86.25 low.

PA rules, you have to see a buy pattern firwst to take a shot at upside.

Failure to move more than a point above today's swing H would start to look like an intraday DT.

FWIW

The average swings for the past 5 trade days (these are just the "averages" versus the Open) have been:

5 day average of H versus O comes in today at 1198.75

5 day average of L v O comes in today at 1185.30

50% of the range of a week is a strong area of either resist or support. Think about it, once price has undercut 50% of the range for week, that makes ALL the buyers above that level losers for the week. This can sometimes be an impetus to lighten losses (euphemism for sell).

Last Friday, after the GS news, in RTH, price plunged below 50% of that week's range (50% based on 24hour prices), then bounced a little and stopped right at the 24hour 50% retracement of the week (on Friday, APril 16, 24hour 50% of the week was 1197.75). Once that was broken (near 10:55am EDT) it acted as resistnce on the first test.

Today, 50% of the week is 1194.63. Does it have to stop a swing up? No. But on a first test it has to be considered a headwind. Today, that proved to be the case as the price advance to that general level was rejected.

right now, price is caught between 50% of the week and last week's C (1189.75).

There is some potential for a Wyckoff SPring with a slight undercut of established low of day. But, if price manages to find a footing near the 89.75 level, a measured move would target 1198.75 (assuming low for swing is 89.75, plus initial lift of 9 points from 86.25 LOD to 95.25 HOD (add 9 to whatever the swing low happens to be).

89.75 is more than just last week's close, it is also a 50% retracement of this morning's lift off the 86.25 low.

PA rules, you have to see a buy pattern firwst to take a shot at upside.

Failure to move more than a point above today's swing H would start to look like an intraday DT.

FWIW

The average swings for the past 5 trade days (these are just the "averages" versus the Open) have been:

5 day average of H versus O comes in today at 1198.75

5 day average of L v O comes in today at 1185.30

I'm expecting them to fill in 92.50...from 90..chart to follow

Originally posted by redsixspeed

1213.00 on the radar....

==================================================================

SPX hit 1213.42 and we have stalled

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