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Es short term trading 9-28-10


Market will try to decide today if yesterdays low range was nothing more than a consolidation and acceptance of prices before the move higher.

Key zone is 40 - 41.50 to resolve. On downside is 32-33 as that is current O/N low and the open prices from Fridays trade.

Further upside is 47.75 - 50 as we had volume in Sunday O/N session , a key Rat and an O/N high sunday night.

Let see where we open in relation to YD RTH trade
they're playing at the downtrend line from 1050 here
1139.25 S/R
still trying to take trades towards my 36 gap in data.....

Big range 60 minute range and a break of highs into a key area....is main context now

a top 5 entry....but it will only hold that 40 - 51.50 for so long.....low volume is killing me!!
I've been thinking about the low volume environment. Can it be relative as in relative strength. You know I don't use it but doesn't mean I don't read about it.
Read the entire lift from the lows 666 has been on low vol. The decline in May low volume. And this lift, low volume.
Not trying to start a discussion here. Just posting while thinking about it as I don't usually. Food for thought.
Certainly valid points. Also low volume environments coincide with low volatility and smaller ranges which inherently makes it more difficult for the average trader.

Originally posted by DavidS

I've been thinking about the low volume environment. Can it be relative as in relative strength. You know I don't use it but doesn't mean I don't read about it.
Read the entire lift from the lows 666 has been on low vol. The decline in May low volume. And this lift, low volume.
Not trying to start a discussion here. Just posting while thinking about it as I don't usually. Food for thought.
ledge forming near 37.25 on 30 minute lows...in two minutes it will confirm
not really liking em here,15 min trend flat hmm
1142,46,50 above
V pattern and easy is down
above downtrend line but not successful retest,
watching that and the clock
Here is one clue to the underlying direction. Notice on the bottom of the chart the delta line. It went from negative to positive from this mornings low and has remained elevated throughout this consolidation.


Click image for original size
footprint 9282010
if they trade near 40.50 again I will think of shorts one last time for that 36 area and the ledge run...
What I thought was a possible 2 down wave was actually a 4 now ending the 5. Lots of resistance at 1144 and 1149 area. Now 1141.75 is being tested as support.
Now trading at 1141.75
1139.75 would be retest downtrend line
hoping they don't go for a 40 retest before trip run and micro gap fill