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ES short-term trading 7-12-10


must be a Monday in the summer.

Just my opinion...

Market has had two tight range days, CASH SPX put in an NR14 on Friday,
this kind of a condition often leads to a big move, but 75 is 50% of last month's RTH range and 75 was last week's High print

Prints with 76 handle meant (to me) that shorts are covering,

First Price moves above a level like 75 can ultimately succumb to hesitation, then a retrace to establish whether there are additional buyers below before a valid break to upside can unfold.
stopped

Believe me, I did not like the look of that 8th bar of the RTH, but kept to my rule. (watch 73.50 be the low for swing to 77.75, LOL)

Bruce, what's the attraction of 72?
real trouble for longs if they can't really break out of 75 from below on the third try today..they tried twice so far...see 5 minute bars
from other thread (now closed?)

huh boy,
rare for me, will post trade.

last week I explained how I am willing to B/S breakoout of first 15min range on day following NR7 or IDNR4, targeting .618 extension of first 15m

entry 75.00 (i tick above H of first 15min RTH)
stop loss 73.75 (50% of 3rd bar's range)
target print of 77.75 (one tick shy of .618 extension of opening 15 minute range which technically I have .618 extension as 1077.99)

stopped

Believe me, I did not like the look of that 8th bar of the RTH, but kept to my rule. (watch 73.50 be the low for swing to 77.75, LOL)

Bruce, what's the attraction of 72?
it's peak volume form my investor /t in RTH so far and O/N high...obvious air pockets due to the attempted break out...just too early for that I think
here comes breakout try three for them....us shorts need them to fail on this one again so they can go fill in all the air etc below..$ticks still weak
I just couldn't be a buyer up here...we always want to trade on the Price side when this close to a cluster of prices...see MP thread...78 - 81 was a big area a few weeks ago but this entire 69 - 81 is a tough area but the bulk of prices are near 78 - 81!!
70.50 next is not only the open area but peak volume from O/N session
Originally posted by BruceM

here comes breakout try three for them....us shorts need them to fail on this one again so they can go fill in all the air etc below..$ticks still weak


just curious, can you see air pockets if using candlesticks?
If first 15m L (69.50) produces only little bounce, then breaks, then yesterday's (Friday's) Low in play (fri RTH Low = 64.25)
I just tried an experiment of merging the two topics into this one topic. Let me know if you notice anything unusual as a result.
some real data issues in O/N for IB