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ES short term trading 6-04


Here is a composite profile that includes all this consolidation from 5-20 including Tuesdays Trade. You may remember that Tuesday closed down at 1068 which is far below that huge volume node at 1085. This also shows what happened on Wednesday and today. Wednesday closed back above the 1085 and then today they established Value higher than Wednesday.

If I was writing an MP book then this would be "Textbook" with that high node at 1085 and then closing and building value higher today.

With any luck we will have a nice rally from here. The simplistic view is that if this rally fails then that 1085 becomes the attractor price and back down we go.
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consolidation
cnbc reporting that Soc Gen denies rumors of derivative losses.

believe me, this smacks (the original rumor of losses) of a campaign for big $ to get in at lower prices ahead of nonfarms.
just looking at the common numbers here are mine for today




1106 - 1108.50 O/N high ( so far) , rat level, daily R1

1100 **** - rat and Pivot


93.75 - 94.50 - Rat and S1 today...building HV in O/N so far

85 - 87.50 - Rat and s2


I'm hoping we don't need to go lower but then 75 - 77.50 comes in and a minor at the 81.25 Rat
Feng, a possible stop and reverse idea is to watch the 30 minute closes in the RTH session. If we close below a Rat then get short to target the next Rat...if we break down and close below a Rat and then close above that Rat then go long......

This is completely untested so just throwing it out there....Ak1 was looking at the closes so perhaps he can offer some ideas on the close concept...

ON is tricky...we are stuck between two Rats in front of a report in 7 minutes......I think they will try and fill in that O/N air pocket....so if ya like to gamble....go for it!!
small long 83.25
wow...that was amazing
took the loser at 81.75..trying agin from 77,50...want to see 82 print...we have 75 to lean on ...hopefully!!
took 80.25...holding two....ultimately would like 85 on last contract...82 is next target if not stopped
Originally posted by feng456

wow...that was amazing


feng,
I also had "wow" as post, hit the send button and walked away form the screens only to return a few minutes later to see that I needed to have 10 characters in the post, so I just nixed it.

WOW is for sure.
Bruce does your air still count in these circumstances?
Originally posted by BruceM

just looking at the common numbers here are mine for today




1106 - 1108.50 O/N high ( so far) , rat level, daily R1

1100 **** - rat and Pivot


93.75 - 94.50 - Rat and S1 today...building HV in O/N so far

85 - 87.50 - Rat and s2


I'm hoping we don't need to go lower but then 75 - 77.50 comes in and a minor at the 81.25 Rat


Good morning crew,

Those numbers above are all resistances now.

There's an open gap 1069.75 from last week (and also double bottom support 1069-ish). The question is when, not if the market will go down to fill it.

Mkt sold off down to 1077 before bouncing. A break of that level should get enough momo to fill the gap.
Oh great..u'll enjoy that...Have you read Daltons Book?