ES short term trading 5-6-10

Most of these are being generated from the weekly chart..

57.50 - O/N low , yesterdays afternoon rally point

62-64 - LTP in ON, VA low,PP and POCP

70 - all that volume and VA high

75 - 77 air pocket and R1 ...Magnet ******

85 - 87.50 air pocket and r2

94 - 98 combination of LTP's and HTP



****Gap at 66.25 in O/N data so those reading get short up here at 68.50...most still sleeping so you'll miss this one

huge Tick diverge on the 47.50 lows as NQ breaks YD lows.....C'mon 54

As of today, I've wiped out my whole year's work on this one stubborn trade...

I'm going to quit for awhile.

I think the best remedy is to go away feng or exercise and a cold shower.

I think I'm due for that...

RSI seems to be diverging...

but then again, I fell for the same trap this morning.

failure at yesterday's low has to be tested. 54.75 if not RTH, AH

CNBC reporting that Greek parliament apparently has passed austerity bill

Then simply don't trade tomorrow ChnDragun. Maybe, don't even turn on the computer or check the markets ... and find something to do stave off the thought or desire to dash to the market quotes site or flip on CNBC.

Or, watch but DON'T TRADE. Forget about money, performance, bad trades, missed opportunity etc. Just watch with as clear a head, mentally and emotionally, and simply make interesting observations of market behavior devoid of any thought of how you'd trade 'em.

Or drink a hell of a lot of beer ... then come back with a clearer and sorer head and review how you got yourself tied up in mental and emotional knots.

And remember, it ain't the end of the world ... just another day in traderville! Hang in there and chill. But plan NOW what kind of action you're gonna take (like the stuff I listed above). That will provide you both focus and it relieves some of the current frustration/pain because you now have a plan and some forward-motion!

(and it might not be a bad thing just to get away from the computer and markets right now too ... for at least the rest of today)

Just my 2 Monkey Scents

Heh, yeah definitely slackin' ... was a late night Koolio ... plus wasn't as comfortable with the S/R levels with current mkt. action. The only standout area (which ak1 and others already posted on was that 1145-1147 zone). But that's in a market virtually devoid of buyers. I've benched myself until the mkt. action makes more sense to me.

Originally posted by koolblue

Hey, Monkey! what happened to todays s/r chart?you slackin? lol

Thanks guys.

It feels better to get it out of my system. I will be back.

Mark my words

best so far is the hour breakout...c'mon 59....only two left....hopefully they won't fill that in that 50.50

The real cause(?) for the market crash on May 06, 2010...

Read at Reuters..."Exclusive: Waddell is mystery trader in market plunge"
http://www.reuters.com/article/idUSTRE64D42W20100514