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ES Short Term Trading for 4-28-10


Here's some Monkey Price Action S/R levels after reviewing multiple time frames on the ES. I've got them on an Hourly bar chart with Red as significant and Magenta as semi-significant. The levels are based on my chart reading of price action that I've described in other topics/threads. The Cyan dashed lines are the weekly standard pivot price levels.

Looking for any and all feedback, as usual, coming into Wednesday's trading session!

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Fyi, most of thes lines were already drawn and in place for a while with the whacky action from the SP downgrade on Greece to "junk" leading to a couple of updates ... but standing firm as a market technician with chart based strategeries, I'm looking for how market action acts around any of the levels posted above for trades coming into the RTH session. Obviously, the overnight trading has come into play more and more and others posting have provided some good insight into additional areas of S/R with Market Profile and Kool's projections ... as well as others' descriptions of significant price levels to watch. Thanks to all of ya, and keep 'em coming. Great stuff!
Good morning. First , i feel it necessary to review a few facts in light of the overwhelming rush to bearishness by most of the bloggers. For the past 2 weeks i have pointed out that from the 1120,s on up the danger of a significant decline is high.(and expected).i showed how the time frame is now ripe for such an intermediate pause. So is this it? Dont know ,of course, but somehow ,i dont think so. yesterday new highs hit a record high for the rally. This usually confirms price action meaning higher price highs are coming.Also the put/ call ratio went to an all time low! And this for a major decline that is just starting? I dont think so. Also i think the mclellan and some advance- decline indicators confirmed too. I have the 6th as a possible turn point (from the daily chart) and of course may 10th-11th as important also.new highs shrank amazingly from 674 to 201 in one day! And new lows expanded to 15. You might remember i pointed out that any reading of 15 or higher generally marked the bottoms for the past year. All of these reasons make me feel like this could turn very soon!.As pointed out early yesterday, im looking for 1174.75 as possible support. below that would be around 1172 and finally ,my line in the sand at 1167 and change. Id love to take credit for the early warning of an 'intermediate 'term decline but i just wonder if its a little early yrt... just food for thought!...lol
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I should point out that i could be completely wrong about today being up, lower prices possible first ,etc. Notice tho that technically , we did make a lower low this morning (1176.75), so any close today above 1181.00 would be a bullish reversal candle. Man i hope we still go a little lower yet this morning!
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I'd like to get a short at the 87.50 - 90 zone( Split number, daily PV and weekly s1 number and POC from yesterday, last weeks low) . Tons of numbers there...So far the overnight is showing the most activity at 83 so that would be first target....we are still going up so it's too early to get a midpoint...will update O/N numbers as we near day session.


95 - 97.50 is now the critical breakdown point and LTV price....Bruce's new acronym for Low Time Pice......little time spent there so that is an "Unfair" set of prices...


Overnight low through the key number of 75 is obvioous support zone if we get down that far
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filled small at 87.25..gotta bad feeling...LTP is now 84.75...Why do I have a bad feeling that this is gonna keep going up....?
Good call Bruce on the 87.50 level hit it and now backing off
Nice call on the push up Rich...I prefer my O/N trades in the morning....so I didn't re-sell....I don't use hard stops...I'm looking to the profile for direction or exits when I'm wrong
Originally posted by richd8980

Bruce you are looking to go short overnite at 90.50 what is your profit/loss set at? I like the 93.50 area as better resistance when the European session opens at 2 am there is usually a push up.