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ES Short Term Trading 11-17-10


I think, today we will be trading within 1184.00 and yesterday's low 1171.00.
My daily projection #s for today are:
1,184.75 - 1,180.50 - 1,176.25 - 1,171.75 -

Below 1171.00 --- 1,167.75 - 1,163.40 - 1,159.25 - 1,157.253

Will see. The market always has the last word, and in due time will show me the way.
1180.50 is a Low Volume Node from yesterday and above that is 1182 for a High volume Node. So we will see if prices have difficulty getting through 80.50 based on yesterday's action.
Yes and it hit your 1180.50 did zig-zag a bit there to a high of 1182.00. The 1.618 was there also. Now it is moving back down towards the MdP at 1172.00. ES now trading at 1180.00 10:39
Originally posted by Lorn

1180.50 is a Low Volume Node from yesterday and above that is 1182 for a High volume Node. So we will see if prices have difficulty getting through 80.50 based on yesterday's action.
In the down side there are some support at the 50% from this morning's high (1182.00 so far) and yesterday's intraday low range, at 1176.25 or so. ES now trading 1179.75 10:51

Now, moving back up and above 1182.00 will cancel the down side 1172.00 and will target 1188.00 or 2.618% and R1 with some resistance at 1185. MDP.
Originally posted by i1hunter

Yes and it hit your 1180.50 did zig-zag a bit there to a high of 1182.00. The 1.618 was there also. Now it is moving back down towards the MdP at 1172.00. ES now trading at 1180.00 10:39
Originally posted by Lorn

1180.50 is a Low Volume Node from yesterday and above that is 1182 for a High volume Node. So we will see if prices have difficulty getting through 80.50 based on yesterday's action.

This is the developing weekly volume profile. You can see where the volume nodes are by the lines. Red = low volume node, green = high volume node.

1180.50 has become 1179 as the current low volume area.


Click image for original size
30minmp11172010
Time for lunch, will see what happens after 13:30
Fib projection up off YD low. Prices came within a tick of the 1.618 target.


Click image for original size
30fibprjec11172010
Well this is some range trading at its best here at 2:07pm.
Little surprise near end of session, maybe good for fast scalpers.
Lorn. Thank you for your charts and comments.
STARTING on SHORTS O/N 80.75 PRINT
took loss at 83.75....trying again from 86.50 as it was peak volume early on Mondays session...will add at 1188 ..targeting 84.50 if I add on at 88 number