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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

1087-1087.25

1086.50 to 1085 is air

1081

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.
Originally posted by BruceM

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...


Excellent stuff Bruce. Didn't catch the short but it is playing out nicely for those who did.
shorted 2 ticks under the 94 price action resistance I'd been looking at as beginning of signif resist zone (I'd posted earlier I think) ... along with your mention of the 93.75 ... sld 93.50, bot 90.50

nice having confluence of other's trade/mkt analysis!


Originally posted by BruceM

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...
For some reason, the market seems to be acting like it wants to push up to 1099/1100 ... thing is, there's obviously a lotta buy stops (for diff reasons) in there and above that price ... but without enough "real" buying it won't ignite a rally ...

I guess I'm trying to get some kind of handle on that dynamic ... espec. considering we've already got a 30 point range UP bar (including O/N data) on the daily chart ... don't think there's much fuel left to drive it up too much further for now.

If it gets sluggish and rolls over and outta that (wide) resist zone 94-99 ... then see potential retrace (50%??) back towards O/N low ... guess we'll see
I agree Monkey. And lately it seems all the action is in the O/N session. The Europeans must be flocking to U.S. instruments amid EU chaos. Maybe I should start trading during the night.
long 90..93.75 target
c'mon...we all see them up there...look at those 93.50's...coincidence...?
4 off at 93.50..holding two....what about the hour high or low??
flat 93 even on last two...as no good place for my stop
here is a chart of those beautiful bars that sat just below that 93.75...two sets of triples to run....it all starts with a target and then find a way to take the trade....low volume into the 90 number and 90.75 was the 3 pointers point...
Click image for original size
twosets
I think they wantto print that 87.50 since they missd it before
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.