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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 ****
I had to step out for the mid afternoon but I am back now. Looks like I missed the mother of all shorts (and a nice rebound).
Looks like we closed below DOW 10k and closed at the lows of the day.
only three of us now....this is rachet trading at it's finest.....key idea is "failure to reach a target can provide valuable information"



You know if you can't tag 62.50 then it will go test 68.75...if it holds 68.75 it will tag 75....if it can't hold 68.75 then it should tag 62.50...( like now...lOL).not to be used in a vacuum.....use your signals with the concept
Originally posted by BruceM

only three of us now....this is rachet trading at it's finest.....key idea is "failure to reach a target can provide valuable information"



You know if you can't tag 62.50 then it will go test 68.75...if it holds 68.75 it will tag 75....if it can't hold 68.75 then it should tag 62.50...( like now...lOL).not to be used in a vacuum.....use your signals with the concept


Love your concepts Bruce. I use them more and more now that I am getting used to them.
Originally posted by BruceM

only three of us now....this is rachet trading at it's finest.....key idea is "failure to reach a target can provide valuable information"



You know if you can't tag 62.50 then it will go test 68.75...if it holds 68.75 it will tag 75....if it can't hold 68.75 then it should tag 62.50...( like now...lOL).not to be used in a vacuum.....use your signals with the concept


So what if it tags 62.50? Down to the next level? In this recent case (which is afterhours so....) it hit 62.75 so it came very close.
the smart money knows about it...and now we do too...

bang the gong...I'm only sorry I shared this with all the people who don't try to contribute to the forum...there are many here who know how to trade and don't share.......lots of knowledge kept inside....

And I guess I get angry at those who just take and don't give...some big names I'm thinking of but won't address it from here on...you know who you are...they printed 62.75....damn we missed it by one freakin tick....LOL..some will complain....


Ego is getting the best of me so I'm gonna tone it down...I hope u r feeling better......MOnkey..I owe ya some emails....

If anyone wants to jam on Rachet trades then I'd prefer to do that by email....it's just too powerful in the wrong hands..LOL.now that is ego talking...gheesh... just look atthe numbers and where they line up every freakin day....I'm burnt...I need a Johnny Walker Red and quick!!
oh yeah..they just printed 62.50 and I missed that tick...damn!!!Look atthe numbers from page one..cool day but difficult in the a.m even with good numbers
Cool Piker...they are a bit simplistic but we need it that way..Trading is hard enough...the addition of the rachets completes the picture because the trade always starts with a target for me..
Originally posted by Piker

Originally posted by BruceM

only three of us now....this is rachet trading at it's finest.....key idea is "failure to reach a target can provide valuable information"



You know if you can't tag 62.50 then it will go test 68.75...if it holds 68.75 it will tag 75....if it can't hold 68.75 then it should tag 62.50...( like now...lOL).not to be used in a vacuum.....use your signals with the concept


Love your concepts Bruce. I use them more and more now that I am getting used to them.
Originally posted by BruceM

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 ****


Wow. Spot on with those. Sitting right now at the 61-62.50 numbers. It will be interesting to see what happens O/N.
Great work Bruce and also to a couple others! And the SOUND OFF call for who's here ... well, the silence is deafening!
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...