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ES short term trading 6-3-10


Good morning crew,

O/N Market had slightly upward bias O/N range is 1096 - 1104

1105 is resistance from last week
1097-1098 is yesterday's gap fill and daily hi
1084-1086 is friday's low, Tues. VPOC, POC and reaction area from last week.
1081 was the start of Mon. breakdown, and start of yesterday's breakout.

1069-1070 is an unfilled gap and double bottom (more obvious on a volume chart)

Today's stretch (from opening price) is 7pts.
Price is currently above the value areas of all sessions since May21.
Euro was slightly weak in the European session, and this morning's 830 am economic releases were slightly below expectations, but mkt response has been non-chalant.


Today is MATD, so my guess for the initial MATD oscillation points are:
1105-1106
1090-1094

Today's daily Range estimate is 1087 - 1112
Based on current mkt strength, I think mkt will probe the 1105-1106 area first before attempting to fill gap (1097).

Click image for original size
jun3plan
Just to add/reaffirm some numbers Phileo's got:

5/27 RTH high @ 1103
5/20 O/N high @ 1106.75
200 day sma roughly @ 1106
Daily R1 1107.50 (I'm showing it as 1106.25 on my software)
short 1103.25 for 1100...
short 1101.75 against 1103.25 intra hi
target gap fill 1097
Originally posted by phileo

short 1101.75 against 1103.25 intra hi
target gap fill 1097

out 1099.75 ... exiting early again.... but i got my 2pts....
will wait for the 7am economic release before taking next trade.
Current bias is to fade the spike up, but will have to see mkt strength first before making decision.
Originally posted by BruceM

short 1103.25 for 1100...


good entry, you still in?
well Bruce i don't know if filter is working yet. i mean going into this week i knew that my probabilities of getting that 2 points are gonna be pretty good either way. that was the whole point of my strategy of playing the volatility in the first place. i wont be celebrating till i see what my net is at the end of the month as a single drawdown will equate several days of winners no doubt.
no...but looking to re- enter..I'd like to see them take out the 15 minute high to short
Originally posted by phileo

Originally posted by BruceM

short 1103.25 for 1100...


good entry, you still in?
damn ..they left a gap at the high.....they gonna get it cleaned up..that was my hit to sell...flat at 1103.25 as I think they will go get that high
here is the gap...don't trust shorts till that is cleaned up...perhaps they will smoke me and long side will not work
Click image for original size
gapathighs
there was someone here who was looking at triples in the O/N session and then POOF !! They disappeared.....maybe they just made so much money trading for them.....Ha! I hope it keeps running up..triples are all over the place in this O/N but I still want 1105.25 cleaned up...
Originally posted by Piker

Originally posted by BruceM

anyone getting long in O/N..? My world seems to think that tomorrow whould make a HH and HL then today...so why notget in early ? Like at 1100 area....and 1105 still needs work I think...Anybody ? Anybody "


I am long at 1100.75 shooting for the triple at 1104.25, at least initially.