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ES Short Term Trading 7-28-2010


Range Based S/R for July 28, 2010

R1 = 1122
S1 = 1102.75
R2 = 1125.125
S2 = 1099.625
just a gamble to what kind of close they want ...with that ledge up there my guess will be the 1005.25 test
I think most could do a better job explaining after the fact...and that would be real valuable if it is a repeatable event....but posting every blue moon won't help anyone....


I'm hoping somebody can see why I didn't keep buying for the triples that still sit above.......understanding why would mean some of my MP ideas and volume ideas are getting through to those who like the concepts
Originally posted by koolblue

Originally posted by BruceM

fresh lows are coming
yup... incidentally, the reson for posting trades has value, imho, is because there is far too much, 'after the fact analysis, on this thread! thats freakin easy!.. tell me in advance where to buy or sell and then i pay attention! ... but most try to explain after the event occurs ,which has no value whatsoever@..imo

I'm flat at 1002...just don't like that ledge up there and I really have no clue how they want it closed today......so hard to hold one contract.....

I still like the idea of new weekly lows but it's not gonna happen for me today
Tough crowd... I guess that is a hint that we need more clarity.....now if you were posting David as you take a trade and making money over time, then I'm sure this would be no laughing matter...
Originally posted by MonkeyMeat

Hey David ... you left off a couple of lines ... it's cool, I fixed it.

Click image for original size
chartart

I let my thoughts be known at 10:15 this AM. I also posted them last Thur and Fri.

Today, after 3hrs and 11 pts (up and down )through major S/R level do you really think I care what someone else does during the trading day?
I noticed only crayons used, no sharps.

Life and trading operate within a natural order.
Couldn't help myself. Had to do it ... was all in fun anyhow! Btw, regarding your reference to "crayons" ... ya might take a gander (vs. sharps) at Don "The Master Crayon Artist." http://www.themastercrayonartist.com/shop/custCat.aspx
Here's a piece entitled "Scenic Dock."
Click image for original size
scenic dock in crayon

It's all good!
Originally posted by DavidS

I let my thoughts be known at 10:15 this AM. I also posted them last Thur and Fri.

Today, after 3hrs and 11 pts (up and down )through major S/R level do you really think I care what someone else does during the trading day?
I noticed only crayons used, no sharps.

Life and trading operate within a natural order.
I said I thought it was funny today.
I know I put a lot on em and have been chided about it. Nothing useless to me.
We're good. Thanks for responding.
Originally posted by BruceM

I agree Kool but I guess those of us who have posted RTH trades for years have probably earned some credit....IN general I agree...I need to address Big Mike later as I didn't like that post today...no value and to tell me you are short two ticks off the high and covered two ticks off the current low is ridiculous...only becasue it was "after the fact"

Now if he took the time to really explain why the sell took place in detail and he could repeat that over time then I'd be impressed


I'm here to learn, like the rest. The post was correct,not a boast. I'm too old to try and impress anyone.

Reason for the trade was due to a similar pattern that just occurred on 6/20-6/21 daily charts. Couldn't hold the 200MA and tanked. I was in at YD close with an 1100 area of support from 7/26. I could not stay around until 1100, appointment. I make anywhere from 1 to 3 trades per week.

That is why I warned of going long out of the bearish pennant.

I thought I was trying to be helpful?

If you want prognostication for tomorrow, here is what I will do if/when it presents itself.

Short around 1096 with initial target of 1090. If it screams there, I will go to B/E and look for 1086 and lower.

Again, good luck to all. I do appreciate everyone's efforts to help each other. Maybe I should go back to lurking?
thanks Mike....appreciate the expanded answer...it works for me...
Thanks for the very interesting and animated session today all. Kool, the charts and calendars that you are posting continue to be highly informative and informational.

Bruce, your analysis is really helping me to understand the markets better. Hopefully be able to educate myself to the point where I can be successful soon.

Thank you all.
Originally posted by day trading

Originally posted by hari

Some of you may have been trading for more than a decade, what is the smallest daily range you remember seeing in ES (RTH)?
The range today ( so far ) is only 8 points.


If I remember correctly it was something like 3.25 points and it was the day before Thanksgiving Day.



Thanks DT.