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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
RTH 5 day average range update... Based on the H so far this RTH, it would be easier for price to move lower (there is nothing written instone that an average range has to be printed)

current RTH H minus average RTH range

1088.00 - 21.40 = 1066.60
I'mn hoping low is in...seems everyone has stops at our old pal, the RAT at 81.25
Originally posted by phileo

Today's avg range is 33pts. Avg. range for past 5 sessions is 28.8pts. today's RTH range is 14pts.
I think 1074 may be the LoD, what does everyone think?
sure would have liked to see trade above that 30 minute low's, HIGH....not a good sign for longs
I don't know whether bottom is yet.

if the measured move from 96 top to initial low is repeated from 1088 High, target is near 68.50

meanwhile, I do agree that there can be upside if the current most recent swing High of 79.25 is exceeded
move to new lows could not generate follow through.

5 day average of L versus open is right here 72...

possible inflection zone for sure.

Price move above 75.50 could spark 81
man, we can "see " all those stops sitting at 80 and above but I can't buy ..no signal...yet...give me some air or something
and twice the IB players should be satisified down here
Originally posted by PAUL9

move to new lows could not generate followthrough.

5 day average of L versus open is right here 72...

possible inflection zone for sure.

Price move above 75.50 could spark 81
it was brought to my attention that some were still a bit confused so while I'm waiting here is the first "air pocket " that formed on the lows...

On the 11:20 E.S.T bar we had a new 5 minute closing low....look to the left of that 11:20 bar , all the way back to the RTH open at 9:30....there were no other bars that traded at those prices...so when the 11:20 bar closed it left a bar that didn't overlap with all the prices of it's range...as it was new 'Ground' on the day...that is air.....virgin territory...and it gets filled in a lot with bars that come after it.....they fill in the air pocket
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airfriday
here is the other beauty from today..the 12 noon bar made a new closing low and look all the way back to the 9:30 open.....no other bars traded there.....so the only bars left to fill in that air can only come after 12 noon....this is a picture of the air pocket...again new low ground...vigin territory and a close that isn't part of any other bars range for the day...perhaps that is the key that willhelp some understand a bit..
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airtwo
Originally posted by phileo

well, I think we are headed to 1070, unfortunately, I just don't know where to get in for the elevator ride down.

Tried to short 1074.25, but couldn't get filled.
Frustrating to watch this, have the call right, and not be able to participate !

Oh great..u'll enjoy that...Have you read Daltons Book?