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ES short term trading 8-20-10


Zones I'm watching on Friday and further ( i had to edit these due to a data problem)

1097.25
1089 - 92.75
1084.50******
1075 - 1078.50

1068 - 70.25****

1060-61
Ranged Based S/R

R1 = 1101.625
S1 = 1061.875
R2 = 1108.25
S2 = 1055.25

Steenbarger Pivot = 1076.50
Here is a look at 30min PRC Bands and that 1074.75 fib. RTH closed below it which is the first time since it started challenging it back on 8/12.



Click image for original size
30fibprjec8192010a
starting longs at 66 in O/N..target is 68.25...Hoping for the first push down in RTH to buy into...


66 - 68.25 is the revision of my first key zone


next on downside will be 60.50 - 62.50

upside remains the same...

looking for the low $tick....I think gap will fill too today
my plan is to buy breaks below 66 and sell rallies above 74 if given the opportunity
opening at midrange of O/N session...need to wait for a first push now
long 68 to start
above the gap fill is the vwap and peak volume at the 74 - 75 area...would like additional buys a bit lower now that gap has filled...no reports to inspire the market today
Long 66.25...
air at 67.75 and low Tick
added at 64.50....next point to add is below O/N if it prints..67.75 is still initial target
While doing some research I came across this post on Dr. Brett's fine blog.

http://traderfeed.blogspot.com/2010/01/reason-i-dont-partner-with-your-firm-is.html

The Reason I Don't Partner With Your Firm is Because You Are Cheap Whores

* You are a forex brokerage that lures small accounts with enticing promises of huge leverage;

* You are a "prop firm" that requires traders to pay big bucks to join, drastically limit the size that can be traded, charge ridiculous commissions to traders, and toss traders (or ask for more money) when you've milked them dry;

* You are a trading guru that touts your trading prowess (with no evidence of success), but offer nothing more than off-the-shelf technical "setups" that are readily available in the public domain;

* You are a trading coach that promises success without offering substantive trading guidance (and without showing evidence of substantive trading knowledge);

* You are a brokerage house that executes a fixed income trade for me and then busts the trade and offers the same trade now at a much worse price (yes, this happened to me this past week);

* You sell inferior trading software with breathless promises and faulty logic;

* You offer seminars that offer nothing but infomercial sales pitches to attendees;

All of you have solicited my partnership and support in the past month.

Go f*** yourselves.