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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
Originally posted by tangolik

I wish Bruce would skype and call the entries


Yes, I go for it!
I think Bruce wants you to learn how to do it yourself and not piggyback.
price has exhibited 3 pushes to the downside.

now, if prior patterns come to bear,

a short-term lift that fizzles, but retracement does not undercut existing low and then price starts higher.

-or-
if potential lift starting now fizzles and then undercuts standing LOD, well then wait for a new HL or become "swami from Miami" and get out the crystal ball for a guess that some sort of DB has been established.
look at all those stops under 56.75 !!! Trade for them if you get a good signal..I just added shorts at 61....we know where 8 - 10 points off that ledge comes in 64 - 66 so be ready in case we are wrong...lunchtime...
here is a shot of that area....they know where you stops are and will get them......especially on a non- trend day!!
Click image for original size
15minute
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.
on a consolidation day the midpoint becomes very important...50% for u fib folks...look at the battle between the low range 15 minute from this morning and the one at about 1 pm
Bruce, your time & effort with your trading thoughts are much appreciated
Appreciate the ideas you put forward Bruce. Learning how to do this for oneself takes time and discipline.

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.

the obvious challenge for any bullish scenario is this....


we had an early morning low range bar and then the one before 1 pm..


we broke out of the high of the low range bar from 1 pm...rallied up and tested the morning low range...now we cam back down and are below the 1 pm low range.....so we are below both low range consolidation points.....


and of course we need to fill in those single prints and hit my 53 target...LOL..but that is just me being a wise guy
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