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ES Short Term Trading 8-26-2010

Range Based S/R

R1 = 1063.00
S1 = 1031.75
R2 = 1068.125
S2 = 1026.625

Steenbarger Pivot = 1051.00
Thanks Lorn,

I have that 51.25 Too...along with 46.25
and 41.50 on the downside

upside I have 60 .50 , 69.50 and 74.50 as the majors
For those interested in Kool's time counting method today marks a turning point when using the low of 5/6 to low of 7/1.

Just something to be aware of.
our 60.50 area held back O/N rally so that is a good zone...they already tested the O/N midpoint so I will need to wait till the push out an O/N extreme....

51.5 - 53 is initial support for obvious reasons...if we rally and hold the O/N high they will try to push to the 69 numbers....

decline and hold below O/N low will push towards the 46 area...

we will need volume to hold any continued rally...without that we will drift lower
55.50 - 56 is key volume zone...looking for signs of failure up here at the 59 - 60 area
vwap and POC about far!! which is good in theory for this fade zone
gap at 58 even...micro..!
too quick ..just couldn't trade and post for that....
lots of stops waiting below 56.25
a glimpse at my world today...vwap with bands...obviously I have other things like O/N highs and lows and peak volume from YD and O/N

nice failed hour break into a key zone.....a top 5 entry..!
Click image for original size
as long as we can keep this below the 56 - 57 area we should get new lows and that 51.25..we also have a low volume area at 49 - 50 from YD MP chart...
Yes Bruce. Solid thinking for sure.

Originally posted by BruceM

a key point from today is trading on BOTH sides of the 60 minute is fairly rare to break both sides ( extremes) and THEN come back to take out the first side again....does that make any sense?

Today we broke the high first and then the it would be rare ( it does happen sometimes) to come back and take out the high selling rallies after that low was run was a good thing to do.....hope that is understandable