ES Short Term Trading 8-5-2010

Range Based S/R

R1 = 1129.50
S1 = 1108.75
R2 = 1132.875
S2 = 1105.375

Steenbarger Pivot = 1122.00

Just an FYI I use continuous contract to calculate the above data.

So if you want to calculate the pivot using RTH the formula is:

high+low+(2*close)/4

Lorn - Are you a pivot trader or do you just post support and resistance for the group?

I post for the group but I use the pivot as a bias indicator. Above the pivot I have a bullish bias, below the pivot I have a bearish bias. I especially pay attention to how prices behave around VWAP in regards to the bias I have in relation to the pivot.

I hope that makes sense.

Cheers!

Originally posted by EWT

Lorn - Are you a pivot trader or do you just post support and resistance for the group?

I like weekly pivots and like them even more when they create confluence with fib levels or EW termination targets. I'm watching WR2 on the ES. I think it agrees with the .618 but I'm not sure as I am posting from my cell.

Hey guys,

Sorry I couldn't post a chart earlier predicting 26 via Kools method, had to run to work.

But here is a chart now giving a projection to 21.25 which is also the POC and price target. I'm short at 24 with a stop if price breaks out of the value area(pink rectangle).
This trade is not with paper money fyi.
The projection is drawn off the high of 26 to the low of the next bar on a 5 minute chart.




It's a shame that blue got banned, I like his metaphysical talk but at the end of the day he didn't practice what he preached in terms of respect.

I meant to say this trade is with paper money*********

21.50 is key for me as per volume

then comes 14.75 - 16.75

then 1110


Haven't a real clue up top but watching that 6 - 21 ( I think ) high of 1127.75

lets see what the O/N brings

Trying to trade for the 21.50 test but not the greatest trade location due to the current O/N high at our 27.75 number and ledge at 22 even...so my 24.25 short was put on right in the center where all that volume is forming....



more later...

Bruce since you asked. Terry L target is still aug 26 top around 1151.

out on two at 19.50......nothing working..........will be watching to see if they still want to play with 21.50.....the folks that have more money then most of us created the volume there YD.....so I wont be surpirsed to see them mess with that again.....


waiting for day session now

No problem Lorn, msg me if need any help