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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!
I'm flat on final at 14.75...just not sure inside this 60 minute range and that 12.50 number..also the day after a trend day I'm not expecting it to trend up against the downtrend...so consolidation is due...best to stay on the side and let the paper traders tell us how great they did on another thread...


My other concern is that the options folks may want to keep this between the 1125 and the 1100 to unwind....not sure of their intentions
that was fourth HH on 30 minute..can't go on like that forever....traders will be trying to take out the low of a previous bar...just watching now.....
I'm not sure we are all learning anything from each other anymore.....perhaps we'd be best off just posting our initial numbers and basic plan.....

Posting and trading gets harder with increased volatility......I appreciate your efforrts here Kool....
Originally posted by koolblue

out at 1106.75 ..loss of 2 ticks.. and sould have been a 3 handle winner.. im chillin on the posting..$!@#$!#@$

From this thread I have learn a lot and appreciate all the ideas on your setups. I took out what I understand that works for me and disapear out what dont work. I backtest the strategy for one year back and notice that the system has a 85% winning scenario. I implemented starting from May 3rd and I have more than 85% percent winning setups. I use Fibs Extension like koolblue and RSI as a filter. I see that the difference is to adjust where to draw the fib's extension. See you tomorrow folks.
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.