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ES short term trading 5-26-10


Magic numbers today......weekly pivot has not traded yet this week and that is in the 94 area....

1106.25

99 -1100

93.75 - 94****

86 - 87.50

81.25 - 83****

75 ****

68.75 - 70

61 - 62.50

56 - 57.50 ****
air below and a test of O/N highs...u know the plan...hopefully others do to.....
short agin off 87.50 print...and 15 minute breakout..air below
failure at 87.50 will go back to 81.25...othyerwise bulls will win upo to 93.75..air still nbelow to target at 86..which isn't much room
There was also a series of tops at the 1088 level back on 5/21 and 5/24.
no low $ticks so this becomes a challenge now....plus 8- 10 folks soon satisfied....so add at 88.....86 is target first...
air filled at test of 15 minute high done...now descision...trying to hold runners for 81.25...thanks Piker!!
two off at 84.50...working last three...
the only good thing about having to add to a trade is it gives you some contracts to work with.....87.50 takes these runners out..they are working on the area where the 15 minute breakout traders bought
I can feel the frustration mounting (my own).

84.50 was close of last week, if it acts like support...

If there is a break above the 89.50 level (3 ticks above this week's High) then there could be a squeeze in place with a quick shot past 93.75.
trying again from 88.50 print...lighter now..
I think most are refering to the fact that the market has a short term memory and so they watch the swing highs and lows to see if price gets accepted ( spends time) above or below these key areas...

when I think of price action I think of higher highs and higher lows for an uptrend and LL and LH for a downtrend....

there are so many ways to trade so it may not be the best way for everyone...I fade moves so some may be buying a new swing high, where I'd be looking to fade it...usually....

I wish more would chime in with a reply
Originally posted by feng456

Man i've been hoping for short alllllllll morning too. I hate trend days.

So I have a quick yes or no question. When people talk about price action and how knowing it is the 'only' way to trade, do they mean like 'oh it's likely that the price will bounce off of this last 30 minute high' because they know from previous experiences? or am i completely off...