ES short term trading 2-23-11

Long time followers probably remember this ,as i am a student of history!...

Courtesy of Palasades:Daily forecast for the S&P500 and Nasdaq 100 indexes:
Forecast Made: Forecast For: Direction
February 22, 2011 February 23, 2011 flat to higher

(Remember to reload your screen if old date appears.)

Probability for next day:
Up Probability Average amount (up) Down Probability Average amount (down)
S&P 56% .39% 44% -.27%
NDX 61% .47% 39% -.38%

Good morning! Took one trade last nite..selling 1318.50 and covering 1317.00 where i apparently had a great fill! Only one contract as i get nervous when im not watching a trade constantly... still expecting 1324.50 sometime this morning...

I agree with both lorn and Kool. every time we have had a 3000000 vol day, it's been a great buying opportunity. you can see this on my 60 minute chart, i use a pitch fork and market structure system. My only concern with going long is the stochastic, i would like to see it drop down below 20. If it drops with little price movement, then we should be in for one a bullish day.

covered one here at 1317.75 as thats the upper band on the one min chart... plus 1.25 there, raising my stop to 1315.25 for a risk free trade on the runner...target ..1318.75 as i expect 1319.00 (minimum) .. still looking for 1324.50 or even 1332 longer term today...

koolblue,

1316.50 is a 50% fib retracement that has much confluence with your extension let's see I am buying here @ 1316.00

Originally posted by johnpr2010

koolblue,

1316.50 is a 50% fib retracement that has much confluence with your extension let's see I am buying here @ 1316.00

Hope we have good luck, but i suspect the 1314.25 level is going to stop me out first!

STOPPED OUT ..NO HARM ,NO FOUL..BUYING 1314.25