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ES short term trading 4-29-10


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649
I see as a hard resistance 1205.00. This could get to 1201 if it touch it. i would put my short lmt order on 1204.75 let's see how it runs.

Resource: Fib's Extension Retracements from 1192.25:1195.25,1193.00:1197.50.

Remember have a stop loss in each of your trades similar 3/4 of your profits.
i really hate how this is looking, but seems like when ever i start thinking that then it turns into a great trade.....i like this level to short mainly b/c it is where it had a monster drop from (filling air), it looks like an over extended rally back to it (plenty of room below) and also has that gap pressure.

to me low risk, high reward potential, but now i am questioning the probability.
for my last add I added the gap point to the open print...this is a common stop loss as John Carter and others teach this...they know what you and I are taught by mega vendors..so we gap up 7 points and they put their stops 7 points from the open..then they move it back after they stop them out just to frustrate those system folks...

And of course you all had your reasons

98.50 is RTH HTP..so that threw the 1200 becomes critical for shorts to take over


80% of the time the high or low is made in the first 90 minutes...so we need this selling tail to hold at the highs and a low close at 11:30
On the bottom reversal I see as hard support once 1200 is broken: 1198.50-1198.25 good place to see a big reversal.

Resource: Fib Retracement from Top High of Trend and lower low of the morning trend making 38.2% a good place to get long with a tight stop loss.

These are my short and long scenario for the day. The market is trending higher watch your shorts and maximize your longs.
covered 8 contracts at 1200 print as that was begining of LTP = air pocket..and if buyers emerge they will do so from here...I have 4 left with stop at 1202.75 which is also a LTP...bad place for a stop......trying for HTP and then new lows if not stopped over lunch...

SP cash has the lead today percntage wise
this Divergence with YM going out of highs and $ticks has me looking for a short entry...up near 03.75...tough time of day though
so the 1200 needs to be on our radar...not only a key number but LTP..and of course they know where YOU ( ok, maybe not you personally but they know the chart point players stops)
only if it could push down...i'm not usually looking at volume but seems to be declining and down bars have spike of increased volume....

lots of stops below 1200
I'm wanting to sell TraderF are you looking to buy ? I want to getthose stops at 1200
heck no...i'm short.....but scratching my head.....hoping it can take those stops at 1200 and give it some downside momentum. a nice pocket from 1196-1200 and 1190-1196. but that might be reaching on a intraday trend like this coming from a daily uptrending market.

however....if we really were going to drop to new lows....i would think it would happen here.
Originally posted by redsixspeed

Originally posted by redsixspeed

Maby EOM profit taking tomorrow; then back up next week...
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Looks like the first part; profit taking; is right on.

We'll see if we go back up next week, maby start back
up in the globex session Sunday

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Well they took their profit and went right back up..lol.