No registration required! (Why?)

ES short term trading 7-8-10


Though it would be interesting to start Thursday off by looking at the chart that I posted at the end of yesterday's session showing the 4 single prints left behind.

Remember that today is a MATD.

Click image for original size
ES 7 July 2010 showing 4 single prints left behind on this day.


For those interested in trading single prints as a strategy here are some links to some forward tests that we did 5 years ago that I believe are still relevant today:

http://www.mypivots.com/board/topic/132/1/single-prints-forward-test-may-2005

http://www.mypivots.com/board/topic/214/1/single-prints-forward-test-june-2005

http://www.mypivots.com/board/topic/312/1/single-prints-forward-test-july-2005
that was low TICK so buyers may step up...only runners now...same plan if 65 prints again
short 63.50 on the plus 900 Tick...hoping it actually goes up to add
longer term goal on runners is 53.....chart DT posted will tell ya why...still need to think about possible chop as already mentioned so all runners will be harder to manage




low $ticks being bought...hopefully not for too long
Originally posted by BruceM

short 63.50 on the plus 900 Tick...hoping it actually goes up to add


Yeah, I faded that +ve TICK as well, shorted 1063.25, exited ahead of gap fill @1060.5

+3pts.
now I will take it easy and try not to lose my profits !!!

I tend to become risk averse after a win like this, will only take the highest probability setups.
Originally posted by phileo

Originally posted by BruceM

short 63.50 on the plus 900 Tick...hoping it actually goes up to add


Yeah, I faded that +ve TICK as well, shorted 1063.25, exited ahead of gap fill @1060.5

+3pts.
now I will take it easy and try not to lose my profits !!!

I tend to become risk averse after a win like this, will only take the highest probability setups.


sorry, that was +2.75pts and not +3pts.
my math is off today....
will add to campaign above open print as I think they want to test that again..hopefully that 65 number
after trend they usually have two 30 minute bars at least print the opne price...I'd like them to get that out of the way if they are planning to do it
Originally posted by BruceM

lOnger term goal on runners is 53.....chart DT posted will tell ya why...still need to think about possible chop as already mentioned so all runners will be harder to manage




low $ticks being bought...hoPefully not for too long


Here's my guess as to why:
mkt stopped 3ticks short of 1059.25 gap fill. I think there were traders holding out for the gap fill, and the subsequent move back up forced a lot of them to scramble for cover.

Just an interesting bit of trivia:
Before yesterday, the gap between 1056 - 1063 has not been touched in RTH since 6/25. This is almost like foreign territory..
on the 64.25 with high Tick...that is OR range - one minute bar...need to be careful as they will run an hour range and front run soon...could be the highs...then sell like a pig!!
think of that gap like any other air pocket....makes sense...same concept only longer term
Originally posted by phileo

Originally posted by BruceM

lnger term goal on runners is 53.....chart DT posted will tell ya why...still need to think about possible chop as already mentioned so all runners will be harder to manage




low $ticks being bought...hoefully not for too long


Here's my guess as to why:
mkt stopped 3ticks short of 1059.25 gap fill. I think there were traders holding out for the gap fill, and the subsequent move back up forced a lot of them to scramble for cover.

Just an interesting bit of trivia:
Before yesterday, the gap between 1056 - 1063 has not been touched in RTH since 6/25. This is almost like foreign territory..
Originally posted by BruceM

that's the goal Paul...in fact I think it would be valuable to write up charts after the day ends as my typing is quick while trading and make mistakes...

I don't want anyone to think of this thread as a signal calling service as it is really more about market distinctions that repeat over time.......I believe that no two traders will really trade a like...I hope that the ideas we post help folks "look" at the market in new ways,,,,especially those who continue to buy and sell breakouts....I think most of us have made that crystal clear that fading is a better way to go over time....we let the trend guys hold us back for two or three days a month knowing we can crush them the next day !!!!
Originally posted by PAUL9

I think Bruce wants you to learn how to do it yourself and not piggyback.


I completely agree with Bruce. This is not and should not be a "trade calling service." What Bruce is doing here is a million times more valuable than a trade calling service. Instead of giving you fish he is teaching you how to fish. (I know that's a corny and overused expression but it is perfectly appropriate here.)

What you should be doing is reading, questioning and understanding what Bruce and the other "vets" are saying. If he's using a term over and over that you don't understand then PM me and I'll get it defined in the dictionary and auto-link it from the forum.

Ultimately you should be able to look at a chart and say "I bet that Bruce is going to buy/sell at this point and target points x, y, and z because there are single prints over there and it's a MATD etc." At that point you don't need a trade calling service because you are already one step ahead of the market and when Bruce is on vacation you are still able to trade profitably.

end of rant