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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'm out 89. i caught it from 99.

crazy....i had a good amount of contracts yesterday at 1205. i figured low risk, and if it worked high reward, but after the endless rally and the grinding away at the level, i second guessed it and covered for a few points.

oh well.
i'm not convinced this is done falling, but will have a tougher time pushing to all the support.
see how they ran out my triples...cool!!
Originally posted by phileo

TICK peaked at -1300 there.... 1188.5 might be the LoD, probably a break back above 1194 will confirm....
bruce what is "triples"?
Originally posted by BruceM

see how they ran out my triples...cool!!
Originally posted by phileo

TICK peaked at -1300 there.... 1188.5 might be the LoD, probably a break back above 1194 will confirm....



yeah, I saw that, and that's why I thought we needed a break above 1194 to confirm the bottom. It did break above 1194, but the breakout failed miserably, so now it is in search of buyers.
Anyone else noticed that today was a trend day down?
Today the market did something I haven't seen it do for the duration of this run-up, which was to respond bearishly to the economic data released this morning. I think sentiment is changing, which means I think 1216.75 is the top, unless next Friday closes above 1206.
that huge drop the other day was a warning signal. we rallied strong back to the point in which it dropped. we couldnt get past it and even try for new highs. so on a daily chart, you know have a peak to the down side, after 2 big drop off days.

lots of profits to lock up, i'm not sure if enough support will muster up to push to new highs.

of course who knows.....some of this is technical and some just pulling out of the air. i think a break down of the 78 lows will confirm.
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.
here is the link

http://www.mypivots.com/Board/Topic/2163/1/running-the-triples



Originally posted by TraderF

bruce what is "triples"?
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.
I'm gonna say the same thing for you TraderF as you had upside and downside calls but nothing specific and you got voted down in this thread......Why the short from 99 and why cover at 89...? A great trade but it would be better for us if we had details especially if you're posting long after the market moves...


Sometimes we think we are explaining but it is still unclear...I'm guilty of that too so hopefully you aren't offended by this post...
Originally posted by TraderF

i'm out 89. i caught it from 99.

crazy....i had a good amount of contracts yesterday at 1205. i figured low risk, and if it worked high reward, but after the endless rally and the grinding away at the level, i second guessed it and covered for a few points.

oh well.
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.