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ES short-term trading 5-27-2010

I have never initiated a "topic" here and I don't know if there are rules, but here's a try...

wow, it's all over? I certainly appreciated all the posts by BruceM and Kool, I was even intimidated by their expertise and willingness to pull trigger after trigger.

I hope they understand that many of the people who read the sight might have felt the same as I did (intimidated and questioning the worth of my own assessment of the markets)

I'll post an intermediate term chart in the next post.

I find it virtually impossible to trade and post, but I was amazed that this wonderful forum had become fallow.(apparently)

Right now, the ES market is at a critical juncture, as the High of the week is being challenged O/N and if there is a move to new highs in the RTH, that can easily force bears to cover, especially ahead of a 3-day weekend.

My big problem... I try to juggle too many things and often end up with analysis paralysis... But let's face it, damn little volume has gone into the trend higher overnight and RTH trading might produce a counter move before a resumption of up.

prices are already up over 2% and that is often a BIG move for a day.

I looked at the overnight volume at price


1086.50 to 1085 is air


Ledge with 2nd biggest volume (since yest 4:15 close) is at 1087-1087.25

Highest volume at price looks like 1081.25

Shallow zone 1086.25 to 1085 with the closest "smallest volume" at 1086.25

1081 looks like biggest ovenight volume (support de la support?) and ties into BruceM ratchets if it holds.

In alittle bit (if I' e done this right) I hope to post a chart that will show 240 minute chart with cluster of potential targets in the 1106-1109 area.
I'm trying to figure out if it will be 81.25 or that 93.75...87.50 is in the far one good sell at 87.50...and will try again..for some reason I think they want the 81.25
If we push above O/N hi then I'm seeing price resist and wkly pvt @ 94 ... and next signif price action resist (including daily R2 as per my software) @ 99/1100.

In fact, that whole zone is signif resist to me. Also, watching what the NQ and YM are doing up here and if/when they either lag/break down or lead a push higher on their own respective charts.

Initially shorted open ... then covered [scratch] ... expected a quicker drop. Will wait to see if we get a push up into that 94-99 zone.
look atthe two 5 minute reversal bars when they tried to break it out above 87.50....we certainly don''t want to see them run that out ( those highs)as the stops set above there should fuel a rally above the O/N high
we know they will get a ratchet and it is our goal to hold something to hit those targets....the smart or lower capitalized trader will take profits 3 points in between the splits as we would be half way to another if you got short with the 87.50 then 84.50 should be a target..if you got long then 90.5 should be a apply this to your world if it fits your method
I followed my plan, which is detailed in a thread called My Trading Plan. Please guys take a look and tell me if I`m on the right track or not.

Bruce, where can I find a detailed explanation of how you find your rachet levels...
they will print 90
long 87.50 for the 90
flat 92.25...just too close to weekly PV and O/N high run
there is the 93.75....I hope some of you where able to hold for that Ratchet
didn't post in advance but did anyone get on the 93.75 to target the air pocket 3 points below......too fast but hope u see how it interacts....and how the trade starts with a target....a good failure will go back to 87.50...
I couldn't do it either. Just not enough to convince me to stay long so I stepped out to enjoy the afternoon. Saw it finally reached that 1100. Oh well.