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ES day trading 11/18/10


Hmmm good observation Ak1 You posted - "11/18/2010 : 08:22:09
Interesting post. One thing worth mentioning here is that after an inside day look how they open at 9:30 est the next day. If they open above the RTH high of the previous day we will be in an uptrend till the next inside day. So trading longs is the way to go. Viceversa if we open below the RTH of an inside day."

The ES moved above a resistance trend line at 1192.00 on the daily chart. Now that trend line becomes support.
We have R3 at 1195 and the ES is trading at 1196.505 at 11:19. Now R3 is support.

The way this rally is unfolding, 1203 is next with 1199. MdP as resistance. Above 1203 there is 1205.50 resistance.
1205.50 was the 11/15 high. At 1204.00 we have a .618 retrace from the 1171.00 low and 1124.75 high. That makes 1204 a strong magnet and objective.

Moving below 1191.00 will cancel the above-
Correction: it is 1171.00 low and "1224.75" high

At 1204.00 we have a .618 retrace from the 1171.00 low and 1224.75 high. That makes 1204 a strong magnet and objective. quote]Originally posted by i1hunter

Hmmm good observation Ak1 You posted - "11/18/2010 : 08:22:09
Interesting post. One thing worth mentioning here is that after an inside day look how they open at 9:30 est the next day. If they open above the RTH high of the previous day we will be in an uptrend till the next inside day. So trading longs is the way to go. Viceversa if we open below the RTH of an inside day."

The ES moved above a resistance trend line at 1192.00 on the daily chart. Now that trend line becomes support.
We have R3 at 1195 and the ES is trading at 1196.505 at 11:19. Now R3 is support.

The way this rally is unfolding, 1203 is next with 1199. MdP as resistance. Above 1203 there is 1205.50 resistance.
1205.50 was the 11/15 high. At 1204.00 we have a .618 retrace from the 1171.00 low and 1124.75 high. That makes 1204 a strong magnet and objective.

Moving below 1191.00 will cancel the above-
[/quote]
ES found resistance at 1209 yesterday afternoon and retrace a bit down, but did not void my objective. at 1204.00.

Today my voiding point is at 1190.00, just below the daily trend line that was resistance two days ago. Since the ES moved above it yesterday morning, now that trend line is acting as support at 1190.50.

Right now the ES is testing the PP at 1191.25, if holds then MdP is at 1198.50, notice that yesterday's high was at 1199.75...hmmm strong resistance in that area... provably lunch time?

Overcoming that resistance then R1 is at 1205.50...... the objective is at 1204........

Again, the above will be void if the ES moves below 1190.00.

ES now trading at 1192.75 08:31:45

Will see what the market give us today.
correction

I meant to say "ES found resistance at 1199.00 yesterday afternoon. Not 1209.00 as previously posted.....
Originally posted by i1hunter

ES found resistance at 1209 yesterday afternoon and retrace a bit down, but did not void my objective. at 1204.00.

Today my voiding point is at 1190.00, just below the daily trend line that was resistance two days ago. Since the ES moved above it yesterday morning, now that trend line is acting as support at 1190.50.

Right now the ES is testing the PP at 1191.25, if holds then MdP is at 1198.50, notice that yesterday's high was at 1199.75...hmmm strong resistance in that area... provably lunch time?

Overcoming that resistance then R1 is at 1205.50...... the objective is at 1204........

Again, the above will be void if the ES moves below 1190.00.

ES now trading at 1192.75 08:31:45

Will see what the market give us today.
Hit my voiding point at 1190.00, tested the daily trend line for about 30 min. or so and moved back up and above the trend line. I'm long at 1190.50. My protecting stop is at B.E. I'm targeting 1196.00 as first objective and will let the runners on for a possible 1198.00. It could go to 1205.00 but will see what it give us today.......
Moving P/stop up, just under my 10ma, 10M chart @ 1192.50.
Originally posted by i1hunter

Hit my voiding point at 1190.00, tested the daily trend line for about 30 min. or so and moved back up and above the trend line. I'm long at 1190.50. My protecting stop is at B.E. I'm targeting 1196.00 as first objective and will let the runners on for a possible 1198.00. It could go to 1205.00 but will see what it give us today.......
Stop hit! TGIF! time to go play! I wish you and yours, the most awesome weekend!