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ES short term trading 5-25-10


Intense overnight action , pretty much drives a nail into the bulls heart i think. Breaking the 1036.25 feb low would be devastating. I had hoped that we would find a bottom by the 24th,and as we havent broken the feb low yet , we surely seem destined to do so. I said yesterday i thought today might be the bulls last chance. Prophetic to say the least. i believe the original target of 1014 or so may be in the works,although a short ,quick rebound rally could occur at any time.In fact i got home right as we were hitting 1041.50 and went long instinctively at 1042.25. Remember the previous weekend preview, that 1041.50 number was explained. my one min chart showed 1.618 at 1045.50 and 2.618 around 1048 so i exited early at 1045.00. truth be told that was a pretty lucky trade. Were already 30 handles south of yesterdays close and tho i have no idea what happens between now and the open, i'll bet we see lower yet today. Take note that even tho the june es feb low was 1036.25, the current globex low of 1041.50 equates roughly with a cash spx exactly at its feb low!(1044 if memory serves) . Again ,not good! Gonna sleep.. see ya soon.
Originally posted by Piker

As a newer visitor to this board, I was unsure what the rules were in posting. Typically in chatrooms (especially pay rooms), only the moderators and other head traders do the talking. So that is why I initially lurked and then posted only occasionally. I was simply unaware of the rules.

Jim, I can't get into your room. It says I am unauthorized and I have no idea how to get authorization.

Piker, thanks for the inquiry. I'm sorry, but my room is open only to full book set buyers and mentor students of mine.
Originally posted by koolblue

Iknow, Jim, its frustrating ... sometimes i spend hours and hours on weekends putting together a preview, and live on 4 hours sleep a day to post during the week.. and if its all for 4 or 5 individuals , im not sure its worth it!


Yep, welcome to my world...
Piker you should go to his website . It's jammed packed with insightful articles and info.
Originally posted by jimkane

Originally posted by Piker



Jim, I can't get into your room. It says I am unauthorized and I have no idea how to get authorization.

Piker, thanks for the inquiry. I'm sorry, but my room is open only to full book set buyers and mentor students of mine.


No problem.
Hopefully your students will participate more.
Click image for original size
796
...btw, great call, Bruce!!!
Originally posted by koolblue

Piker you should go to his website . It's jammed packed with insightful articles and info.


Checking it out. Thanks!
Omg! Bingo on the 1049! (you takin notes Mct?) Missed my entry by o

ne tick!...sigh
Hey Kool- I am just part time trading and often away from screen so I dont post. Just wanted to let you know whatever you decide, thanks a million for sharing your trading knowledge with all of us!
Seems to be allergic to the intraday high of 1058.75. If it can break through we could be off to the races.
this isn't good that we keep failing at that 56.25 ..my newfangled number theory wants this to go to 62.50....but this is a bad time for me...so sitting on hands now...I'd be watching this 15 minute close to see if can get under 56.25...and close under to stay short.....confused so no good read...never like the pre bond close trades


closes above shoulld run it to 62.50
now how about 68.75...that would be perfect....as long as 75 doesn't hold......otherwise they will revist 81.25.... c ya in the a.m.