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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
gap in data still at 17.75..interesting spot for that.....sure is tempting but this volume....if they can get it down again near 19.25 I will think about it.

24.25 has a gap from 8:30 report and volume so that is too much of a conflict for me to try shorts now up here
Thanks Bruce for your explanation I'll have to play around with them for some time and feel them out.

If we don't break 22.25 here, I think a good target is the high volume attractor at 18. There is also a Kools Price proj. right below that at 17.50.
Why would you take the trade if it only got around 19.25. You don't like starting trades in the value area? Or what is it at/around that number?
Bot Aug 112/113 SPY strangle with the SPY trading at roughly 112.60 ... fill price of $3.08

gotta run errands so wanted to go ahead and put it on. Hoping for an interesting mkt reaction to the (un)empoloyment report ... or hell, anything that causes a quick BIG price shock by Friday's open.

I just really like this range contraction ... espec if you consider the daily RTH chart for the the whole week ... and here we are doodling around in the same tight range late in the (4th) day in a row.

Not advocating the trade, simply saying what I'm seeing and decided to trade it.
Originally posted by MonkeyMeat

Tuesday and Wednesday narrow range ... and today narrow so far. It may break one direction or the other before the close with folks shoring up positions coming into the (un)employment report tomorrow morn'.

And yeah, the market's showing the typical dry-up of Summer volume. But if the mkt comes into the close without (or without much of) a move today, option premiums are looking semi-decent. They may jack 'em up some coming into the close. But might be a nice time and place to buy a straddle or strangle position in the last 5-15 minutes of the mkt session.

Just an idea. If I do it, I'll be posting when I put it on. Anyway, just tossing out an idea.
I'm also watching those low range 15 minute bars but agree that it would be a tough trade due to the location.....unfortunatley getting below those 15 minute low range bars lows gets us too close to the final target....so I'd be watching what happens inside that range....I would also be trading it much, much smaller as PM trading isn't my strong period of time...In other words, you are absolutely correct and it would be high risk..


That's always the problem on low range days...everything is too tight..if it wasn't so much consolidation recently I'd try to keep selling above 21.50 and take some off each time we came back down to hit 21.50 but eventually they will break it away from there and I don't think that gap in the data is very compelling.

Fading moves late in the day is much higher risk IMHO. The rising wedge folks want to try and push out the highs I think
Originally posted by sjzeno

Why would you take the trade if it only got around 19.25. You don't like starting trades in the value area? Or what is it at/around that number?
hi y'all,
am new to the forum, but have been reading and learning.
Do you pay attention to ledges in TF, NQ, YM etc. I think there is one
at 657.9 on the TF
I don't except I have the YM up but I still don't let that market hold me back from a trade either...one thing I do look at is single prints to see if they "fill in" in all markets.. welcome to the forum
Originally posted by goodegg

hi y'all,
am new to the forum, but have been reading and learning.
Do you pay attention to ledges in TF, NQ, YM etc. I think there is one
at 657.9 on the TF
It would be kinda cool if they left a triple today like they did YD..triples forming now....LOL


Good luck with that trade MM...LOOKs good...lets hope the reports rock the house for ya...
trading for those trips but missed my number so chasing at 22.75...I had 24.25...mised by a tick...oh well trying for trips below and small..one wrong sneeze an you know what can happen to order flow
flat at 21.25....wanted that to break quick and it didn't...also near that evil 21.50 I've been babbling about
No problem Lorn, msg me if need any help