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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!
Notice that it's hitting the resistance trend line in the lower intraday charts. (10M.) @ 1277.00 or so.
1277.00 is a intraday S/R, so a test will take place here and possibly a test of the recent low 1272.50.

To the outside : Moving above 1277.00 and 1279.25, will target 1283.00 and 1287.00.
Moving below 1272.50 will void the above.

I'm currently flat and waiting for the proper set up.

ES trading 1277.25 @ 12:33
Originally posted by BruceM

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

Thx.. i consider it a victory just to be positve today.. a couple of KEY comments tho... Nothing, i repeat nothing, in my works shows 1272.50 as an important bottom. Not that we cant bounce significantly from there ,but im suspicious of it at 'the bottom' . And number 2, tho i'd be VERY cautios if i was a longer term bull, i have not yet changed my opinion on the scenerio ive laid out several times over the last few weeks, tho i find it scary that the cash index hit a high (1302.67) right at the minimum number ive been waiting for!!!
Someone believe if we are going to 84 or 87 area?
I agree...some will look at trading on both sides of the MOnday - Tuesday range as a Neutral week...Like we do with the 60 minute IB.......so the midpoint of the weekly range shows up right there at the numbers you say....and others will want it to close on the lows or highs.....
Originally posted by johnpr2010

Someone believe if we are going to 84 or 87 area?
Id believe 1284.25... beyond that.. not sure yet
Originally posted by koolblue

Id believe 1284.25... beyond that.. not sure yet
(from one min initial move 1272.50 to 1277.
00=4.5 and 4.5x 2.618=11.78 which added to 1272.50=1284.28 or 1284.25, but you better pray we get thru the 1.618 first!... see above post!
above post meaning the 12:13 one
Originally posted by BruceM

I agree...some will look at trading on both sides of the MOnday - Tuesday range as a Neutral week...Like we do with the 60 minute IB.......so the midpoint of the weekly range shows up right there at the numbers you say....and others will want it to close on the lows or highs.....
Originally posted by johnpr2010

Someone believe if we are going to 84 or 87 area?

Bruce, just trying to learn here, not critique.. if you believein 1284 or even 1287, why arnt you looking to be long since the last 30 min bar made a higher high that the previous one ,etc? That would seem to be in the range of the trades you usually go after, especially if you got in ,say at 1277 or 1278,etc
if I was trying to hold for a longer move based on the 30 minute closes I would ideally want the 1 pm close above that 77 number and the weekly open print.....

Trading is so much fun when you DON'T have a position on!!
Outstanding call this morning Bruce! And Kool, it can't get any better than your recent call in the 1272 area! Awesome work guys!
A PICTURE IS WORTH A THOUSAND WORDS...I thought your chart looked "clean"..thanks for posting it