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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.
we have three things that could draw price back..the gap,the single prints and th ehour high
battle for the IB high...what makes this harder , in fact any fade is that it's the afternoon..no air pockets left..and trends emerge in after noon more than morning
just noticed the ledge at 91.50 so a lot of us want it down there for different reasons..

I took 95.25..new highs will stop me out..that was IB high and singles...next is 93.75 and 91.50 if real lucky...obviously if these single prints have some power then I willget stopped on runners and they will go for 1100 print..Ratchet level!!
got 94 and trying to hold 2...93.75 was a ratchet..!logic says that if they canhold th e93.75 then they will try for 1100...if not then they will push towards 87.50 ..yet again...obviously I have other ideas I put into the mix

I'd like to see the 3pm close inside the hour high
on second try from reversal bar ( 5 minute)...failure to achieve trget theory
got the 93.75 off the 96.25 close ( 5 minute)...c'mon 91.50
just couldn't go long with all that below.....
very interesting how they ran that up..into the 1100 ratchet..you ratchet buyers did well today...congrats
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.