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ES Short Term Trading 01-20-2011


O/N Profile. Notice the blue 200-period moving average which prices have found resistance on...


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onprofile01202011
I like how that bar closed back inside the hour low too...now if they can get the close above yesterdays lows !!

well done.
Originally posted by redmeansgo

We got the reversal bar, looking for OR test at 1275 and then day session pivot at 1281.50.
Looking at those 30 min closes being discussed...under the 200MA now back above it. Note the gap from last week at 70.50 is now filled.


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30minmp01202011a
cool Lorn....a close concept I used today:

A half hour close below Yesterdays lows lead to a break of the hour low.
Hmmm...here prices are back again to the 200MA on the 5-min chart...still resistance?


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onprofile01202011a
Covering remaining long position at 1278, look to buy back lower sometime before 3:15 ET. Still have 1281.50 as target.
Spoos are falling 75% of the time on Thursday before expiration into the 3:00-3:20 ET time frame. Looking for a low in that window to buy around 1274-75 area. GL
Gap closed at 79.25
30 minute close idea: we got a close inside of yesterdays lows that lead to higher prices...and that gap fill
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1078
Btw, one of the above projections is very slightly missdrawn.. should be 1280.44, not 1280.71, so....BINGO!!!LOL on the downside support is red avg ,currently 1277.50 and 1275.50, the other avgs and prc band
Good eyes and sorry for not seeing this post earlier. Gaps in the data are my least favorite target as I have seen them fail the most. Although I do like to keep track of them . I still have one at 1219 I think and down at 1190 so trying hold for those would have been a mistake.

On this day here I would have prefered to see something else to go along with that gap or else I would have waited until we came back out of the 60 minute low. It's a good target as it is on a low so an obvious inflection point. If the weakness in the NQ can carry over into Monday then we should see that run out soon but not because of the gap in data. I guess many don't follow that idea...probably just as well then...thanks for the reply
Originally posted by dutch

I noticed looking over everyones posts on todays price action (very informative) there was not one mention in regards to the 5min gap left from 11:30 to 11:35.
Question...being in a possible short term downtrend, would you look to this gap as a target,or would this gap have little or no influence in your planing.
Thanks