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ES short term trading 1-28-11


If you refer to yesterdays 9:16 post showing the projection off of the low, and the 9:36 post also i refer to the 1298.50 level.. it should come as no surprise that once again we just made a marginal new high at 1298.50 .. currently short from 1298.25 trying for 1295.50.... beyond that,my analysis of the last few days and weeks APPEARS TO BE IN FORCE, SO I WONT RE- HASH IT TODAY. The upper channel line i showed yesterday looks to be around 1301.50 currently. Still looking for sideways to up thru tues next week!
Originally posted by Lorn

Hey Kool,

Something I notice on days like this, when prices seem to hit the 4.236 projections in a certain direction over and over gives added weight to being patient for the proper zone...

Any thoughts?

Originally posted by koolblue

beyond that looms 1268.75 or so


WELL, TWO COMMENTS... YOU CAN LOOK AT THE LEVELS AS STRENGTH OF TREND.. for instance a counter trend move often ends at the 1.618 and never makes it to the 2.618. normal behavior is 2.618 and a strong trend goes for the 'termination ratio' 4.236. Also the 4.236 is usually the final end for that particular rally or decline.... at least most of the time!
!@#$!@$ too busy posting and even tho my number was hit... no fill! crap! Normally in a case like that i would have exited 1276.75 or 1276.50.. sheese!..now i may be screwed!.. still holding both!
Sorry to hear that Bruce. Don't aggravate them typing if you can avoid it.

Originally posted by BruceM

Unfortunately I am Lorn...between The vibrations of my snow blower and the beatings I take sledding and learning that dang snow board...


Originally posted by Lorn

??

Having wrist problems again Bruce?

Originally posted by BruceM

weekly pivot at 82 ....and weekly open below that near 79...too hard to typwe now


Yes those are great comments.


Originally posted by koolblue

Originally posted by Lorn

Hey Kool,

Something I notice on days like this, when prices seem to hit the 4.236 projections in a certain direction over and over gives added weight to being patient for the proper zone...

Any thoughts?

Originally posted by koolblue

beyond that looms 1268.75 or so


WELL, TWO COMMENTS... YOU CAN LOOK AT THE LEVELS AS STRENGTH OF TREND.. for instance a counter trend move often ends at the 1.618 and never makes it to the 2.618. normal behavior is 2.618 and a strong trend goes for the 'termination ratio' 4.236. Also the 4.236 is usually the final end for that particular rally or decline.... at least most of the time!
well, i got lucky.. out both at 1276.50 plus 2 on each es... back to up 2 handles on the day...whew!.. i'd like to buy 1268.75-1269.75 if it should occur soon, otherwise i'll end what has been a very good week and sleep
I was gonna post a 30 minute chart but the big down move makes those upper levels seem so insignificant. Still we can't argue with the closes below the

8:30 report low at 94.25
the O/N low and YD low which was critical
the 60 minute low


On the upside they tested the two day range and the O/N high and failed


Now everyone will watch that weekly low to see if they can keep the closes above there like they seem to be doing. so 77 is the real critical price for bears to keep winning.. they want to see closes below there.

Of course all this is easy to see after the move takes place so I'm only pointing it out and not implying any particular trade except for the one posted this morning.
Nice trade Kool...gutsy but well done..
Originally posted by koolblue

well, i got lucky.. out both at 1276.50 plus 2 on each es... back to up 2 handles on the day...whew!.. i'd like to buy 1268.75-1269.75 if it should occur soon, otherwise i'll end what has been a very good week and sleep
Fascinating to see the volume come into this market pretty much through this entire move, except between 78-83 perhaps...


Click image for original size
1minvwap01282011
Lorn, the other day or last week you posted a comment about 10 point moves and people taking profits...is that something you have observed or is it based on an educator or that person from Elite...I forgot there name... I guess I'm curius on the origins of that comment

TradeGirl in JPJ's room use to refer to that move as" stealing the move" usually in the O/N session
No that's something I have observed. Its certainly not a rule but one should keep in mind important profit targets from pivots (being where the smart money is getting in).

I find it works best from O/N pivots as RTH brings in so much more volume.

Originally posted by BruceM

Lorn, the other day or last week you posted a comment about 10 point moves and people taking profits...is that something you have observed or is it based on an educator or that person from Elite...I forgot there name... I guess I'm curius on the origins of that comment

TradeGirl in JPJ's room use to refer to that move as" stealing the move" usually in the O/N session
A PICTURE IS WORTH A THOUSAND WORDS...I thought your chart looked "clean"..thanks for posting it