ES short term trading 1-25-11
Boring, yet interesting day yesterday. The market, and this is important, proceeded higher ,against the seasonal tendancies (which denotes strength. Today, which is State of the union day we seasonally should be under pressure for one more day before things turn more positive tomorrow, We'll have to see what develops.Historically, state of the union day is positive overall for the next few days (higher today for instance 16 out of 20 times) . That would line up nicely with the more positive seasonals from wed on...Note also that the nas was leading on an up day, not lagging yesterday, another positive in my mind. Todays news releases are a wash in my mind with likely neg housing reports and a likely positive consumer confidence report.I dont expect any thing real dramatic today, but it seems possible we could be setting up for a positve last half of the week ,as speculated in the weekend preview.
ON Profile. A 10 point range so far...remember professional traders will take profits within this target range...
Yeah, like ( was it PAULS?) that offshoot of my extentions using Monday as the initial balance or move...So many valuable iseas here at mypivots for those who do the reasearch!Thats what i was trying to get across this weekend!
One min projections have 1284.00 (seen already ) as first minor resistance,then 1285.25, and finally 1287.25. All negated with any touch of 1282.00
I will take one off at 1285.00, if lucky, and hold the runner for closer to 1287.25.(currently long 2 from 1283.00). currently a 2 point stop, but im going to raise it to 1281.75, cause i dont like that touch of 1282.00 we just got!
Yipeee! I'm a lucky s.o.b.! one off at 1285.00, plus 2 handles (im happy cause that wasnt the best entry!) Now im trying for around 1286.25-75 for the other.
Stop raised to breakeven (1283.00) on my remaining contract... i really dont want to see it go below about 1284.00 now!
I will exit 1286.25 and consider a short if we continue to 1287.50
wow! as predicted, they love the consumer confidence news! out at 1286.25,plus 3.25 and short at 1287.50 (2.75 stop to start)
wow! 1285.00 is my exit!. I panicked cause we were travelling so fast! my one min chart says i should have first resistance at 1284.50(here) then 1282.00
Originally posted by koolblue
Hey room, when you get a chance check out my reply to that guy on traders lounge here at mypivots!..LOL if you agree vote him down! If you think im being too hard vote him up
I deleted that topic - I agree - did not add any value.