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ES short term trading 6-24-10


So just how important will the O/N low be ? I think very important as that is right at the very peak of the long term composite of 1078 !! Last two days of the $ ticks show slight up divergence and the 3 WAR has been achieved....

Hoping all that sets up the long side for us and at a minimum a half gap fill at the open ideally into the 85 - 87.50 area...This will be fourth down day and that would mean that the dumb money will be trying to sell......

Could be wrong of course but I'd be cautious on the short side especially if they run it down first today!!

So starting a small long at 81.25....long way to go until open and O/N trading still messes me up..

Only add will be in RTH below 78...
That inside bar on the 5m that bruce mentioned is a doji on the 15m and price managed to hold above that on the most recent sell sequence. market interals are starting to improve, and we got a higher low (hopefully!),
if price can stay above O/N lows (which also happens to be where VWAP is now), that will give the bulls something to work with .
Originally posted by phileo

That inside bar on the 5m that bruce mentioned is a doji on the 15m and price managed to hold above that on the most recent sell sequence. market interals are starting to improve, and we got a higher low (hopefully!),
if price can stay above O/N lows (which also happens to be where VWAP is now), that will give the bulls something to work with .


long 1079.75 against the break above O/N lo 1077 targetting gap fill 1088.
Originally posted by phileo

Originally posted by phileo

That inside bar on the 5m that bruce mentioned is a doji on the 15m and price managed to hold above that on the most recent sell sequence. market interals are starting to improve, and we got a higher low (hopefully!),
if price can stay above O/N lows (which also happens to be where VWAP is now), that will give the bulls something to work with .


long 1079.75 against the break above O/N lo 1077 targetting gap fill 1088.


Here's what i'm seeing:
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eslongtargetgapfilljun24


Green arrow highlights where i went long.
The blue arrow indicates the battle for control of O/N low.

-ve TICKs are occuring on higher lows, so I am (hoping) the buyers are in control here
actually, my intial target will be VAL 1083.75, if it acts well, then i may go for the extended target of gap fill.
stopped out b/e.
so much for that idea.....
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837
Click image for original size
838
JUST LOOKING FOR THE AIR AROUND 1074.50...it likely wont go much above the red avg any way
this is a scary place...consolidation below YD lows and at that 78 - 81 zone......No fades for me down here...I'd rather miss it if they decide on the rally to close...leaning for shorts....watch thay evil 5 minute wimp bar from earlier for clueas
out at 74... my usual skittishness and a stong bearish bias for one more day (tomorrow) is paying off bigtime.. now sitting for the rest of the day but watching 68 zone with interest. If it breaks there to say 66, then 62 and change becomes a magnet for tomorrow
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839
Great Piker....it sometimes hard to stand aside from the market but these trends in the afternoon have cost me lots of lost profits.....Now, when I do trade in the afternoon I'd rather miss any longside on days like this....

Paul may a good point todat which infered that in bull trends lows are made early and highs made late....so bears will make the highs early and lows late...he also posted the average open to high which was right on today..