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ES Short Term Trading 7-30-10


So the POC is right at 1100 even:
http://www.mypivots.com/board/topic/5894/2/value-areas-and-point-of-control-2010-q3#64840

Economic Events for Friday:

08:30 AM GDP
08:30 AM Employment Cost Index
09:45 AM Chicago PMI
09:55 AM Consumer Sentiment
03:00 PM Farm Prices

http://www.mypivots.com/trading/economicevents
Range S/R for 7/30/2010

R1 = 1119
S1 = 1082.75
R2 = 1125.125
S2 = 1076.625

Steenbarger Pivot = 1098.75
A break below 1090 brings 1075 into play as a target IMO.
There is a gap from 1064 to 1078.25 - maybe that will get filled if we see 1075.

Originally posted by Big Mike

A break below 1090 brings 1075 into play as a target IMO.
Here is a look at the action since the 8:30 news.

Trading under VWAP most of the morning and now a break away move. We will find out soon enough if this move can be sustained.


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footprint 7302010
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975
Thx, a little early, but i still can profit from it

Originally posted by koolblue

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975

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977
For the past 10 days HOD or LOD occured with in the first 60min ( 1 exception), sometimes even in the first 5 min !


Date HOD/LOD Notes

7/29 1113 H of 15min OR
7/28 1111.50 H of 15min OR
7/27 1117.75 H of 15min OR
7/26 1097.75 L of 15min OR
7/23 1084 L of 60min OR, L of 15min OR was 1084.50
7/22 1078 L of 5min OR
7/21 1085.50 H of 5min OR
7/20 1053 L of 5min OR
7/19 1071/1057 LOD occurred 82 min after open
7/16 1086.50 H of 5min OR

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978
Action into the open. Notice VWAP sitting in the volume valley in the 1090 area and the volume bulge in the 1086 area.


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footprint 7302010a
You're sharp,Wendy! Actually , i dont normally use fib retracements, just my Kools tools fib extentions. Sometimes, tho at what i feel may be an important high or low, I sometimes look around for any other kind of corraborating evidence to support my theory (like is there support or resistance here?,are any cycles topping or bottoming here,is this a previous high vol zone?,...etc). Probably just a confidence booster. I have never found fib retracements to be tradable. Doesnt mean they arnt, just not for me. In this case i believed the low was important in that i was looking for the daily low to be made here, and possibly for the next few sessions. I was caught a little off guard as if memory serves, i had just logged on 5-10 min before it occurred and really had no time for much study!. That in itself speaks to the power (and confidence i have) in my fib extentions. Hope this helps explain my view and actions a little better.