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ES Short Term Trading 8-2-2010


Range Based S/R for Monday August 2.

R1 = 1108.50
S1 = 1078.50
R2 = 1113.50
S2 = 1073.50

Steenbarger Pivot = 1095.875
YES, IT WAS...ONE MIN CHART HAD 1024.25... but heres how i see it.. today was one of those 'trend ' days you guys all hate... but you knew it was coming! tomorrow is a likely peak and turn, and the target was a long way north!.. but does that mean us faders have to sit it out?..NO!!! It just means we have to be quick and more careful with our trades,imho!... lets face it anyone who sold 1112 and change earlier made money.. but not if they held too long,right? So on days like this the strategy should be longs preferred,and let the runners run, but on shorts take profits at the minimum objective. At least thats the way i see it.
Bruce, you are a consumate trader!, i dont think you have to change very much, just your exit strategy on days like this! (just another opinion!)
The peak and turn theory fits with the TTT 3 day cycle as well, today being a sell short day and tomorrow a buy day...
After rereading Phantom of the pits this weekend here are some quotes I found interesting.
You will become the best trader you can be by being wrong small not right small.
The market must determine your position size not you.
When you think you are right, this is the beginning of your trade, not time to take profits.
The book can be found right here on My Piviots.
Originally posted by chrisp

Originally posted by blue

.................


Click image for original size
2

blue.... is that a program you are using or is it markings on your chart from your calculations.... Thanks in advance


Hi Crisp,

actual high 1124.25 at 14:37

The target and markup of the target area is just my calculations.
I added the estimated range of the day to the actual low
1100.25 +Range est=15.50= 1125.75
then I change it to a 1.50 range for my error of estimate in the range. 1125.25 - 1.50=1124.25

Cheers,
Thanks Blue.. nice post.

Cheers
not teaching us anything alfonse but it's a good commercial....help us out please
Originally posted by BruceM



This may get quick and dirty now...and BLUE...great call on the 24.25....educate me...was that Kools projection?


Hi Bruce,

Thanks for the kudos,



No it was not Kools. I had not read the forum thread today (or on Friday). I try not to look at others estimates as it may influence my thinking.
..from spreadsheet...

Click image for original size
2a
Originally posted by BruceM


This may get quick and dirty now...and BLUE...great call on the 24.25....educate me...was that Kools projection?..


Hi Bruce,

Now that the day is closed I have skimmed through the thread
I'm not quite sure how one would know which Koll prj you were asking
of - there seems to be a wide choice!!

from 1107.75 to 1130?
.. I got tired typing but its cool to have a choice.




------
21:15:06 :
You can see 1107.75 is fib projection from Friday's last low
----
04:27:20
=>1109
=>1112.25
?1125.77
?1130
----------
09:30:34
=>1114.75
=>1113
-------
09:59:26
daily range is still very small... around 20 plus would be 'normal'
-------------
10:19:40
SINCE 'NORMAL IS ABOUT 21 HANDLES and my proj is 1125 and cgange ,im guessing thats what she wants
-------------
11:36:32
remember:... a) the calendar i showed this weekend..peaks tomorrow, not today.. b) the chart i showed with 2 potential projections around 1025.75 and 1030.. c) the normal 21 handle daily range targets 1023 and the proj is close by!.... all of which leads me to believe slightly higher is out theere
-------
11:46:37
1123.25
===>1122.25
1121
1119.75
1117.75
1117.50
1114.75
1113
-----------------
11:54:38
basically you wait for 1025.75 and you would add at 1030... that would be the most conservative play... however shorterm scalpers might want to attempt a quick scalp anywhere around 21.75-23
-----
11:59:25
===>1123.25
===>1122.25
-----------
12:02:59
1132.52
1130.30
1130
1125
------------
13:45:09
===>1124.75
1123.25
1122.25
1122
1121
etc

------
15:38:14
===>1125.25
===>1124.75
you freakin asshole.. if you follow my work at all i explain it as i go.. i basically call turns all day long ..in advance not after the fact! and have for 2 years. The gross misinterpetation of my work is areflection of your jealousy and /or ignorance. Its because of idiot replies like this that im thru with mypivots!