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ES short term trading 5-19-10


Here we are! The 19th, which my work shows could be a pivotal day! It should come as no surprise that we went all the way down to the number shown on the weekend preview, the 0.786 retracement at 1110.25. It is also the 2.618 projection from the 1147.50 high on the one hourly chart.Also it is the 3 std deviation line on the 13 min vwap. Cycles had us down into today ,then up and down again into the 24th. So its all coming together... or is it? Extreme caution is advised , as today either marks an important low.. or the breakdown of the indexes for a true test of 1090 or even 1056!
Out at 1108.50, pluas half a handle... This thing is scaring me to death! lLots of mov avg resistance around 1112, but i'll be content to watch for a while here.. try to post a chart soon
What a wuss... why didnt i hang for a couple handles?...sigh!
Kool nice day for you so far I would quit for the day and spend the money
I don't have a gap Kool....and nice trade!!

I'm posting this after the fact...the best buys came for me when we had the 5 minute air at the 1108 and 1104.75.....perfect price overlap trades....the second entry wass better as it was near the S1 for today...best exit for me was that evil 1112.50.......just too quick and not worth posting and trading in this Volatility


Big area to watch and no hour high or low run yet...break of the highs should in theory eventually get 1129.50.....sounds good in theory....wide 60 minute range though
Too much fun! Days like this are what i live for as a student of the markets! And iv'e been waiting for today and the 24th for weeks!
Nice little triangle... Here they come to sell,buy it again!!! ....LOL.. pick one of the above...
an area for further research :

when the peak volume is below the mean and we are stuck inside the hour range they will attempt to run the lows.....


reverse when peak is above mean


today it is below so lows are being tested...or trying to...

I'm just pointing outthe concept in case somebody has some good filters to add for the 60 minnute run out...


I'd like to buy below the 60 minute low
Click image for original size
773
Numbers below to watch, 1095.50 and especially 1192.25-1193..Above are 1121.25 and 1132
This is the test of the day, coming up! Maybe of the week!
Thanks for the feedback johnpr2010. Judging by the number of people that visit the site versus the number that post on the forum (1 to 5%) I'm guessing (and hoping) that there are a lot of other traders out there who are a little bit more profitable today because of the generosity of one of the other traders on this forum.