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Es short term trading 7-29-10


Numbers I'm using on Thursday


1115.25 -1117

1108 - 1110 *********

1096

1089 - 1091

1082 - 1084


let see if the reports and O/N can help refine these a bit
Mike..can u elaborate....why was 1090 key...for you...is the hour close based on the 9:30 EST open...so the first hour for you closes at 10:30??
Originally posted by Big Mike

If this HR candle closes below 1090, I could see 1078-1080 being reached as it's the next support area to be tested.
I remember someone posting here (about 2 months back) that all significant gaps ( what is a significant gap ?) since S&P hit 666 have been filled.

I want to backtest to see what is the maximum number of days it took to fill a significant gap ( lets define this as a gap greater than 10 points). On 7/22 there was an unfilled gap from 1064 to 1078.25.
Can someone experienced with backtesting in TradeStation give some ideas about how I can test this in TradeStation?
so besides learning how to spot trends we also need to learn trend- ending patterns...

2nd set of 30 minute single prints just filled in.....key singles are up at 06 - 07.75 area...
Lorn your chart shows that perfect low volume at 1103.50 created by that single push...and some are trying to sell it....like me at 02.75....lets see if we can get 1100....we know that 1106 must be on someones agenda

Risky trade!! especially given the time..
Just had a close above VWAP (15 min close) since this morning. Prices need to drop fast or much higher coming.
Originally posted by BruceM

Mike..can u elaborate....why was 1090 key...for you...is the hour close based on the 9:30 EST open...so the first hour for you closes at 10:30??
Originally posted by Big Mike

If this HR candle closes below 1090, I could see 1078-1080 being reached as it's the next support area to be tested.



The 1090 area looked to be the area of a supply/demand balance based it hanging right around the 1090 "area" for 24 hours on 7/23-7/24.

I use hourly candles with 24 hour trading sessions and try to base everything off supply/demand.

Seems most here are much shorter term traders. I'm looking to get in trends where 20 points is available.

Have you evolved away from that, more towards "scalping"? The indicators you guys run are quite interesting. Triples, Air etc.
I run a "clean" chart w/o indicators.

I am finished trading for today, but as an example is anyone noticing that there is very little supply/demand balance apparent in 1088-1099 range. Demonstrated on 7/23 and twice today. Price does not like to be there!

Keep up the good work, I'm learning along with everyone.

Good fortune to all!!
gaps forming...had to close out at 1100.50
here is that trade that I missed earlier...4 matching highs and a gap in data...89 - 91 was my key zone....didn't see the gap and was too focused on the possibility of the weekly PV still hitting down at 84....
Click image for original size
missedtrade
last tradefor me is on at 03.75...short..
Bruce, I guess trading for the air to fill at 1103.5 would have been nice as well...
Did anyone read about the CSCO halt. Appears the liquidity at the top of the book exhausted and some trades higher were questioned, but eventually let to stand. CSCO ended the day near the low if my screen correct. I'm not sure but the first release I read came about the time of the low today.

Another funny thing today. GS seemed to be the only bullish bank stock I watch. Read several that think it's going higher than today. I don't care but thought it interesting how it acted. Read there is a lockup period after earnings and that's why it's down recently? I'll watch it AM. Any red and it's a warning to me.

I bring these two things up because in the context of Friday, it might matter.

Did you note how the selling pressure lifted at the Europe close but the initial reaction was less than fast? End of month might not matter if they're selling prior to their August holiday period.Will be interesting to see AM before they close tomorrow.

I mention these things as anomolies. I defer to a chart but recognize what I consider could be manipulation, if one believes in such fantasies.

Some fed gov said today he's against anymore monetary support for the economy and the fed has done a good job. Sounds like a nail to me. Hope it's not the last?