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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....
Click image for original size
811
NQ trying to hold this down
There's the RAT at 62.50...Hey Phileo, I like leaving money on the table...I left over 4 points on the table.....and I'll do that all day...It's when we start leaving money outside of our account ( losses) that we need to worry about....

Nice trade on your part...!! Glad you left it on the table and had the winner!!!
Did anyone understand this..?.a real beauty of a setup that worked like a charm/////I always assum ethat most understand my babbling and hope that they will ask for clarity if you think it is worth it..would a chart help?
Originally posted by BruceM

...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
Originally posted by BruceM

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....


Bruce can you explain the price action behind this maybe that would help me understand it more. But I would think you would want to fade that area...

Also can you post a chart from the last post you had I am trying to visualize it in my head.

I am learning a lot from you guys, half the battle is getting the jargon down! But again thanks.
hey guys another quick question after reviewing todays action.

from the es today on a 5 minute chart.

was 'air' formed today around 11:20am

at the 47.33 area - 49.77 area??

and then later filled around 1:30pm??


if so...

did you guys see any trade setups making you want to short thinking the 'air' was going to fill? (we made a LH and then broke the HL which led to the filling in..correct?)
the bar that formed the 'air' also was the high volume bar for the morning.


...super random but when you guys refer to 'castles in the sky'
are they the hanging man/hammer candlesticks? and from what i understood, when the bottom wick is broke those are good short potentials? is this correct or am i totally off?
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 day.....you 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..