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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.
Click image for original size
consolidation
every first time that we hit a RAT today from trade above has rallied 3 pints or more before going 6.25 to the next RAt level......that is why this one is real interesting so far...an area of further trade idea research perhaps


look at the 3 point up pops from 81.25 and 75 today..also the drop form 87.50....now we traded down to 68.75 and lower but didn't yet hit the 62.50 or the 71.75 ( 3 point pop up). the battle at this air pocket will decide..

No more trades for me...I' hope you all have a safe weekend...



HEY KOOL.....where r u ???
Originally posted by BruceM

conceptually I'd like to see 71.75 print before 62.50....so it will keep the 3 point pop traders happy.
how does one know that they just weren't covering shorts from higher prices?
Originally posted by phileo

just saw 8600 contracts go long 1066.5, followed by another 1500 contracts at same price
makes me wonder if 1063 is the low
3:20 ..magic time...just watching
With the market so volatile going 40 plus points all technicals take a beating.
Originally posted by BruceM

how does one know that they just weren't covering shorts from higher prices?
Originally posted by phileo

just saw 8600 contracts go long 1066.5, followed by another 1500 contracts at same price
makes me wonder if 1063 is the low



forget about those numbers.
I just remembered that Interactive Brokers (my datafeed) occasionally aggregates the volume numbers. So that 8600 contracts may be a bunch of 500 contracts bundled together.

That said, 1063 is still holding up as the low
I have observed that it takes exactly 10 min to get the 3:30 guys going into a trend. Its like a computer boot up time
Phileo...when does ur JPJ trial start?
long 62.50...!!
flat on 3 at 66.25...print...cool day
Originally posted by BruceM

Phileo...when does ur JPJ trial start?


The guy emailed me back informing that I was on the list for the next free trial. He didn't give a specific start dates, but did mention that the last free trial he gave out was in Mar/10. So the very earliest date for the next free trial would be some time later this month.
Oh great..u'll enjoy that...Have you read Daltons Book?