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ES short term trading 6-08-10

By all rights , i would think today begins the rebound that everyone expected yesterday, but time will tell! Remember the weekend preview and the cycles . tomorrow they turn down ,basically for the rest of the week. tomorrow is also a kools cycle turn date and a bradley turn date so the action today should be interesting . heres a short term look as we wind down the globex session....
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Hi Bruce,

Are you short?
If so, what price did you get short?
I was from 54.75 close...look at 5 minute bar off the 56.25....I just got stopped on that OVB off the 5 minute which happend near the 43.75...I'm hunting for longs as long as this 5 minute OVB holds...

I didn't reverese to long because I'm just not quick enough...I'd like to see a down 5 minute bar that doesn't go below that OVB to set up a long trade...into that 49.75- 50 RAT
trades initiated inside the 60 minute range are higher risk so I like to sell at of above or buy at or below those highs and if we get this long near the 46 - 47 then it is riskier as it isn't that close to the 60 minute low
took 3 off at 50.75 and trying to hold 3 into new highs
one more off on 53.50 print....what is a RAT plus 3 .....where do RATs fail sometimes...
lets not forget we are still neutral and inside 60 minute range so dreams of catching the trend may be just that...DREAMS!!

get this 15 minute close up here will be good though and hopefully compress it higher..
for some reason they are letting them push thorugh 1048 easily today....I'm not convinced that are done testing that number but hope they are...
had no choice but to take one moree off at 56.25 print as an OVB formed upside after a run up....don't like those...we want OVB 's down at highs....up OVB's we want at swing lows..
Bruce, what's an OBV? I've seen you label these on your charts as well.
is any one really getting this?? we have an up outside bar on the 5 minute ( OVB) - an outside vertical bar ...going up , followed by and inside bar......which direction do u really want to be if we just rallied 13 - 15 points off a swing low..?into a RAT!!

Hopefully we aren't just wasting our time posting....
I would call that "Range air" and hopefully Kool or Phileo will jump in here as they watch more for that....on consolidation days that will fill in and I would assume that range air fills in quite often...

And great observation about that being the highest volume bar on the get it...awesome....see how often that gets tested

Is it any surprise that the VA low from Tuesday is in the 47 area? No, It shouldn't be as the high vertical volume comes first and then the time builds up there because price is attracted to areas that had high vertical volume..

Hopefully REd will getto the Candle questions..