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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
best for me is this 53.25....trying to two for 51.25 and 49.75...


wow too fast...just took 51.50
last off at 52.25....gap on one minute at 56.25...not taking the long and will sit out now to see if prices firm up...
how do we qualify this lorn..? We made new two day highs today so is the high due or a rally..? Longer term we are down...so what specifically are we looking for today?

Thanks
Originally posted by Lorn

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.
so 51.50 need to stay on the radar...they should mess with the 55-56 and the 51.50....those are the areas that had biggest volume thursts per tick chart...so they will try to revist them to attract players
Originally posted by BruceM

how do we qualify this lorn..? We made new two day highs today so is the high due or a rally..? Longer term we are down...so what specifically are we looking for today?

Thanks
Originally posted by Lorn

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.



Great question! Trips @ 1054.25 I'm leaning short @ 1052.50???
According to Kool's methodology it would be two lows = next high.

My experience has been these cycles point to potential turn dates but could be a low instead of a high.

I know that doesn't help much but as a trader you either accept the theory or don't pay attention to it.

Originally posted by BruceM

how do we qualify this lorn..? We made new two day highs today so is the high due or a rally..? Longer term we are down...so what specifically are we looking for today?

Thanks
Originally posted by Lorn

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.

http://www.mypivots.com/board/topic/3878/1/kools-tools-for-time

Here is the thread Kool did on the subject.
trips at 47.75...this is the only 2nd set I have on my chart..from today...other was run out at 53 much earlier...
still skeptical of 46.50....many times you will see a previous days Vwap get broken and get retested from the other side...
a key point from today is trading on BOTH sides of the 60 minute range...it 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 low...so it would be rare ( it does happen sometimes) to come back and take out the high AGAIN...so selling rallies after that low was run was a good thing to do.....hope that is understandable
Yes Bruce. Solid thinking for sure.

Originally posted by BruceM

a key point from today is trading on BOTH sides of the 60 minute range...it 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 low...so it would be rare ( it does happen sometimes) to come back and take out the high AGAIN...so selling rallies after that low was run was a good thing to do.....hope that is understandable