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ES short-term trading for 7-15-10


Bruce,
You were right again (what else is new)
I see 81 printed, but I don't remember why you expected it.

Today is looking pretty grim, especially with the seasonal weakness koolblue had in that average performances of trade days of the month.

It is before 11 o'clock and the ES has already undercut its 5 day average of the Low versus the Open which is at 1086.50 for today. A move like this often means trend sell day.

with 5 day average RTH range at 12, today's RTH H minus 12 = 79.75, have to watch PA there , with second air, return to 83.25 likely? Am I reading this right, Bruce?
GOOG down 20 on earnings, GS settlement announced, up 10
regression to the mean yesterday ,today. 1092
How do i put the pivot calculator on a Trade Station chart?

Thanks
gap filled in O/N !
Kool... today was the first day i used your price projection with success.. I nailed the 81.50, I actually used it to exit a trade but I should have exited and reversed.

I'm still working on getting the 'initial move' correct but everyday I am getting better and glad to see you posting in the room today.

Thanks!!!
Originally posted by PAUL9

Originally posted by DavidS

Looking for triple top reversal 1 min chart


I'm curious, DavidS, why triple top in 1 min? is there some price structure in place that points to high odds for a triple top?



Paul,
Sorry I missed that question today. Found it going back through Kools' posts.
We had pierced the open but did not quite make the 50% mark(sign of weakness). At least a retrace was in order. I also could't help trying to play some shorts as we could've collapsed and that would have been too huge to miss. Low probability,I know, but stranger things have happened. We did do a dance around the open and it is usually a fave of mine as traders use it. And we were under the 50% level. No loss, just an attempt.
Thanks
Originally posted by koolblue

personally, i think that late day push may have been option expiration related


BP chokes off the oil leak, 225pm CST.
Within a minute later, ES jumps up 2.25pts on 5K contracts, triggers a 12pt rally.
so everyone got this or they just don't care ? Here is a chart for those that want to know...Not boasting but that was a cool trade....and inside the dreaded 60 minute range...





Originally posted by BruceM

I'm hoping someone understood why I took that long.....they ran out the triple on the lows first so that left the double top on the 30 minute to target..( in actuallity they where in the process of forming a third 30 minute mathcing high)..now if they ran out that top first then I would have gone for the triple below...


does anyone see the logic there or am I seeing dead people again?

Click image for original size
catchthetop
Okay, I see what your saying Bruce.

Question: When the triples broke, you got long immediately the tick that broke the triples? Then your target was the break of the 30minute double?

Also: Do you always go long when trips are broken to the downside or just in this situation because you had the doubles as an upside target?

What Market Profile platform are you using and do you like it? Have you seen or tested the R/T? <<Random question but I'm looking into a platform for MP.

Thanks for the charts and great insight. Between you and Kool I have learned a great deal.
This was a perfect scenario as we had 1084 as a low volume area as per the histogram. I usually trade for the triples to break so I was hoping that they ran out the double TOP first and then I could short to target the triple....but since they ran the triple out first I bought into that break.....

I usually don't buy breaks of triples lows because I am usually short to trade for that break... there was a damn good reason to get long and yes I hit the long side as soon as it broke...in this case we had a good target..that double top..I also had the developing point of control at 82.50 so I was willing to add if we went down that far....

The short answer:We were basically stuck between two good targets , the double top and the triple low....so we needed a way to trade for them...!

Glad you see it...I have Investor R/T and think it's great..
Originally posted by sjzeno

Okay, I see what your saying Bruce.

Question: When the triples broke, you got long immediately the tick that broke the triples? Then your target was the break of the 30minute double?

Also: Do you always go long when trips are broken to the downside or just in this situation because you had the doubles as an upside target?

What Market Profile platform are you using and do you like it? Have you seen or tested the R/T? <<Random question but I'm looking into a platform for MP.

Thanks for the charts and great insight. Between you and Kool I have learned a great deal.
You can look here in the morning as it will be updated by then but we have had lots of high closing $Ticks this week...

http://www.wallstreetcourier.com/index1.htm

so doubt we have lots of divergence lately. This guy corey posts some simple but effective view points regarding internals too..

www.afraidtotrade.com