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Es short term trading 6-09-10


If we can hold back any decline into 52.50 then we have a chance at seeing 84.50 and soon..we have lots of numbers there as of this writing.

Above yesterdays high and RAT we need to get past that 68.50 and 70. We naturally be a break out of the Monday - Tuesday Range.To go get 84.

The R1 and R2 levels match up with the RATs so those become more important. You can see how we consolidated at 75 - 76 so be careful there. Just because we think we are on track to go get that 84 volume area doesn't mean it will be easy.

Quick summary so far

61 - 63 Rat and O/N high so far

56 Rat and that key spike bars low..and Weekly MIDPOINT ******

50 - 52 Rat , VPOC amd POC from Tuesdays range

We have two shelves of support so watching what happens if we get down into the 50 - 56.25 RAT will be critical..

If we get down belwo 44 then we may decline to 38 realy quick. I'm hoping we don't see that today.

Wednesday is a good day for Gap fills..

30 and 15 minute charts made a higher low so that is a good sign.
took two points and working two..trying to get one off at YD high..unless 67.50 prints again
flat 64.50....
$ticks are wedged so the 70 is not out of the running yet....
Nice Feng...$ticks seem to have positive skew but too early...I'm waiting until YD high prints or that 70 number...to try and pick a trade..I'd prefer Mondays high , the 70 high to get that probability out of my way
If we print YD high, the spike high ,I'll have no choice but to lean short...still thinking about that 62.50 or the 75 RAT!! they wil get at least one today
Bruce,
Thanks for the charts explaining OVB. I viewed that arrangement as a old fashioned 1-2-3 buy (irrespective of ovb), but now with your comments about OVB, It has given me a new perspective and will now pay attention.

one question about the OVB, for an UP OVB as depicted in the chart on page 1: does the OVB have to Close above the H of the previous bar?

I am just trying to understand the bar better because if it is just an outside bar, close can be anywhere (if "outside" only, regardless of close, H and L of bar are only consideration for "outside."
I sold as down OVB formed but afraid I may get faked out
Originally posted by PAUL9

Bruce,
Thanks for the charts explaining OVB. I viewed that arrangement as a old fashioned 1-2-3 buy (irrespective of ovb), but now with your comments about OVB, It has given me a new perspective and will now pay attention.

one question about the OVB, for an UP OVB as depicted in the chart on page 1: does the OVB have to Close above the H of the previous bar?

I am just trying to understand the bar better because if it is just an outside bar, close can be anywhere (if "outside" only, regardless of close, H and L of bar are only consideration for "outside."


the thing i learned about engulfers is they have to open and close beyond the open and close of the previous bar...so literally engulfing the previous bar. also they are only valid at the end of a trend and not in consolidation for example. the bigger the second bar, the stronger the signal.
2 off at the high of YD high ..one working...that was considered a breakout trade for me as I sold as the OVB formed on the 5 minute..so less contracts enetered..do u folks see that OVB? just checking..

still haven;t seen 62.50 ...where is it???that is my final target on last contract
flat 64.75...spike bar high seems to be holding...
Longer term players might want to refer back to the weekend preview and calendar... cycle high today ,working lower into the 14th.. DONT FORGET TOMORROW IS ROLLOVER DAY!...C YA!