ES short term trading 5-17-10

bias basically to the upside ,expecting a peak sometime today.. went long 1131.50 the red avg 5 min chart , just looking for the gap fill off the open to around 1135. COVERED AT 1134.50! that was a no brainer trade... now i can relax at work tonite... see ya in the morning!...

SEE THAT LITTLE CYCLE FROM AROUND 14:20TO AROUND 15:30? That should peak next 5 min bar... c ya!

DAILY ONE BAR PROJECTION SATISFIED.....

I followed my plan.

where'd everbody go?


24hour Pivot at 1139.50 is same as O/N H of 1140, and first attempt RTH to Break above that level was rejected... I'll watch PA if price can get under 1130 (because right now, prints near 1130 have potential to create a DB)..

Looks like low volume price in the O/N is 1127.25-1125.75

50% retracement level of range since begin of trading on SUnday is coming in at 1130.25 (this served as a support when the ES bottomed at 8:30)

Price didn't stay under 1125 for very long in the overnight session. Could be support level is for the market to be up today. If it get under their again with any sort of force we could get some lower support areas being tested. That 1140 area was pretty nice for a scalp. Took it off 1137.50. Looks like I could have carried it a bit more.

FWIW

5 day average of the H versus the open comes in today at 1143.10

5 day average of the L versus the open comes in today at 1124.55

I think a move above 1141 targets 1148 (Friday RTH H and beginning of gap)

The line of least resistance. If only I could follow that simple strategy. Outside bar off the 50 day was a nice setup to get short again on Friday if you missed the entry at the 50 day like I did on Thursday.

COVERING 1135.25

NICE DAY... first trade last night was plus 3 handles, (just one es): this one plus 3.75 on 2 es!...watching

Looks very similar to the chart formation in early Feb on the daily. I wouldn't be arguing with the market right now. I agree with Kool that yesterday was a dagger in the heart of the bears. 40 is still immediate resistance then 55. See how the news is received. Looking for bearish news to be discounted the more of the same candlesticks. Low opens and high closes. A couple of those strung together and its time to get heavily long. Might miss this move, but that's the ideal set up for me.