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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
Open Range

Originally posted by blue

Originally posted by hari

.....
7/29 1113 H of 15min OR
.........



What is OR please? Thanks.
Originally posted by hari

My Morning Notes and My Trades so far.


Click link to access uploaded file:
Morning Notes - 07-30-10.PDF



Hi Hari,

Thanks for sharing these.
Very kind of you.
You have reminded me of some good points - such as noting the HL for week, month etc and unfilled gaps.

Keep up the good work!
Thanks Blue, I am glad you found my notes useful.
OR is opening Range.
I remember reading somewhere that a large( I don't remember how much) percentage of the time either HOD or LOD is established in the first 60 min.
We can use that info to go long or short after 60 min and easily gain a couple of points, especially if the 60 min OR range is small compared to the previous few days.

Hari

Originally posted by blue

Originally posted by hari

My Morning Notes and My Trades so far.


Click link to access uploaded file:
Morning Notes - 07-30-10.PDF



Hi Hari,

Thanks for sharing these.
Very kind of you.
You have reminded me of some good points - such as noting the HL for week, month etc and unfilled gaps.

Keep up the good work!

ledge at 95 !!
new ledge forming at 98 so not overstaying welcome on short side...this area now is /was single prints...and we have Vwap down here for what hopefully is support
Originally posted by BruceM

ledge at 95 !!


Through that ledge and now testing VWAP.


Click image for original size
footprint 7302010c
reversing to long at 93.50.....small now...too deep in hour range and this isn't a trend day...50% mark hit at Vwap
50% mark is best when we fade that hour break...same concept with O/N range...on Neutral days they like the middle...but initiating ( in this case longs) from the middle is a much harder trade....we have that peak volume and ledge up top but this is a summer friday.....can't expect too much
I certainly donot want to see a 30 minute close below that single print area...8 minute to go
flat at 93.25...just not fast enough and concerned if we get below Vwap then they want that 91 again
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.