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ES short term trading 1-11-11


Things I'm watching in the Rth session:

1274 - 75 - this is last weeks high, the R2 level today and a key Rat.

We are on target to open outside of yesterdays range so I'll be watching for the following:

1/2 a gap fill within the first 30 - 60 minute
a retest of the R1 level in the first 30 minutes - if we open above

Watching to see if we trade on both sides of the Opening range

These will be the clues that mean reversion trading is working and odds DO NOT favor a gap and go type of day.

Report at 10 so initial shorts will be lighter..

Other key area is 68 - 70 as that is yesterdays high and the midpoint of this big range we seem to be in ( 1275 - 1258.50)also that key R1 level sits there
I should also point out that the VA high was 66.50 so that whole area would be a tricky spot especially with the 4 pm and 4:15 closes there...
RTH 50% retrace of 58 - 73.75 was also 66, fwiw..
once again that 50% mark was good to know.....I remebered it this morning but forgot about it by now...thanks for the reminder
here is the one minute, the opening range, the OR in the ES...I simply snapped lines at the opening one minute high and low...that's what I use...."your results may vary " but most who are new here can see some potential in knowing where it is.....I hope

A whole lot of nothing today....candle traders would call this a Doji.

Nq closed just slightly below yesterdays highs but also below todays open..sellers dominated in there a bit today


now most can see why I prefer not to trade in the afternoon especially on a neutral day ( a day that trades on both sides of the 60 minute range).....there is just nothing left to test after we retrace back to the midpoint and the daily open

Click image for original size
one minute
Great work Bruce! Two things I missed today that should have me trading with you in the down side. 1) R2 resistance at 1273.75, Es spent some time in that area. You had it right.
2) This afternoon I was short and overlooked yesterday's close at 1265.50. The ES hit that 1265.50 and bounced right back, I missed reversing my position, short term oscillators where oversold too! ....... Looking forward to tomorrow, God willing,

Done chasing the market, now time to go chase the girls, YeeeHaaa!
thanks for the good words.....I think the biggest problem with trading is trying to figure which are THEE best numbers to look at....this is just me babbling and not directed at you...so that's why I set up zones of confluence.....It's very hard to get exact tops and bottoms but we can come up with areas that many folks are looking at.......that's why I can't use fibs and other projection methos..it's not that they don't work, they certainly do as we have seen Kool blue use them for years,,,,,,It's just that my simple brain can only process so much...it is already overloaded enough...

ah, chasing girls...I still do that but only two girls...my wife and my "almost" two year old..Good luck( ;q
Originally posted by i1hunter

Great work Bruce! Two things I missed today that should have me trading with you in the down side. 1) R2 resistance at 1273.75, Es spent some time in that area. You had it right.
2) This afternoon I was short and overlooked yesterday's close at 1265.50. The ES hit that 1265.50 and bounced right back, I missed reversing my position, short term oscillators where oversold too! ....... Looking forward to tomorrow, God willing,

Done chasing the market, now time to go chase the girls, YeeeHaaa!