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ES short term trading 4-30-10


Ok, we know that we just had a 40 point decline. Since new highs on the nyse,and other indicators, confirmed the 1216 peak, we know odds favor new highs coming. I guess you really have to decide if you think 1179.75 was enough.It certainly is possible. Its also possible that this is the second leg of a 3 wave decline down.One thing seems likely to me. An intermediate decline of some significance could be coming after new highs. Thats the scenerio i favor because of the cycles as i interpet them. Good luck trading today!
I prefer longs after they run out those 1203's stops
YEAH, MINE AMONG THEM! Stopped at 1203.75 for a loss of 1.5.. i will try again (this time 2 ) at 1202.25
well, have to leave for a bit. So i unloaded my long from 1202.25 at 1204.50, for 2.25 profit on both.. See you in a bit.
Nice trade Bruce short from 07 and covered at 03.50 wish I had rode with you
expecting 2-3pt dead cat bounce 1196, then a wave 2 sell sequence.
a common idea that MP players use is that if we break through the single prints of the previous day then they will try to get that days RTH lows assuming.

So yesterday we had single prints that held at the 1200 level for the buyers but today they took them out to the downside and broke yesterdays RTH lows


I'm on 93.75 longs....aggressive I think...air pocket starts above 98.25
covering 3 at 95.25..this gonna be tricky to hold...NQ has not taken out YD lows
not xpecting any kind of "V" bottom but it sure would help to go get that "air"


2 more off at 96.75 print....working 3 runners now..
two morre off at 98.25 print...trying to hold last for 1200...95 stops it out..testing air now....mistake on air target...update later
that 1205-07 area worked pretty decent. i think i was a little too early on that and as long as it sat there grinding....it talked me out of taking more then a few points.
Thanks Leo....since you seem to be a bit longer term perhaps a thread with that kind of title wouldbe appropriate. It doesn't matter to me if you post on these threads but I'm afraid those with a longer term view like yourself won't happen to see your posts in the short term threads.
Originally posted by leob

Originally posted by BruceM

could you elaborate for us Leo...I see this post was voted down so I'm assuming it is because it is a bit unclear....

"This is it" - does this mean the high is in, the low is in etc....I'm pushing for specifics on this thread and I understand those of you who don't want to explain and just make market calls...if that's the case then I suggest those folks post on AK1's No indicator Mumbo Gumbo thread...
Originally posted by leob

the volume is evenly distributed all the way down. Although it didn't close below the multi day low, to me it now looks like - this is IT.



Bruce, sorry if my comments aren't clear. Firstly, my comments are mostly on daily timeframe. Looking at the daily big picture, I'm expecting a pullback of the up move since February low. For the past week, we saw what appear to be a consolidation of this up move. And the last down bar made me conclude that this maybe the last of the consolidation phase and it will be downhill from here - so the phrase "this is IT".
Next time I will post my comments on a separate topic. This way it won't mess up and confuse your topic viewers.