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ES Trading for 4-11-11


Here's my MAP of the ES coming into the week ... 30min chart of 20 days with Volume Profile on the right vertical axis. The PASR levels are RED with the WHITE dashed lines being Weekly Pivots per mypivots.com with YELLOW lines being a "zone" of what I've got as potentially significant FIB clusters. Hope it's helpful

Click image for original size
es 30m sr for 41111
Charts and trading on different computer than forum, so sending screenshots can be cumbersome for me. In other words, hard to do and trade at the same time. O.k. when things are slow.

Originally posted by apk781

thanks...i did a few minutes back so whenever you have a chance...much appreciated !

Originally posted by beyondMP

Send me private message and I'll send you chartbook, after I clean it up a little.

Too many settings to describe unless you are only interested in the main chart.

[quote]Originally posted by apk781

thanks beyond...would you mind posting the settings you use in your sierra charts? i happen to have sierra and would be interested in plotting it (with a different data source for now though)...thanks !

definitely appreciate the discussion and examples. thank you!
Good to see a fellow trader using CD.

Originally posted by beyondMP

I suppose that could be done.

I have established certain thresholds delta must attain over particular price periods for me to take a trade. I try not to become to mechanical but rather study and evaluate market conditions before and during a trade, knowing certain conditions("events") must be met for the trade to work out.

The chart I showed this a.m. was a perfect example of waiting for CD to turn then entering the trade at 29 and riding it down until CD showed a change. I really didn't care where the entry was or the exit in advance, as long as the conditions continued I stayed in the trade. I could tell when you entered you were going to have to endure some pain, but each trader has different tolerances mine are low and I like to wait for the conditions to be "right".

My only point in all of this is give an alternative point of view on trading. To show there are "forces" at work in price movement that can be used to increase a trader's success. Or, even more importantly, limit their failure.

I saw you were having certain reservations concerning the "footprint" charts. I was only trying to save you a little time an effort in throwing out my thoughts.

This turned into a "ramble" and might be better handled in private. Probably not much help to others in the topic, I apologize.

(Wrote that last part before seeing previous posts)



Initial Post Sunday Night for Monday Trading:
Just thought I'd toss what I'm "seeing." We're up against significant resistance on the SP. But if the market moves up tomorrow (Monday) or over the course of the next few days, here's a few stocks I've got on my radar for potential LONGS:
SINA
TZOO
JAZZ
OPEN
DECK
SOHU
FOSL

(and a couple of questionables)

XEC
HUM

It'll be interesting to see where the ES opens in relation to Friday's close ... and where each of these stocks open ... comparing and evaluating 'em from a Relative Strength perspective. And of course, if the market sells down, I typically view any LONGS as out of play ... unless or until the overall market finds a place to at least bounce or reverse back up.

====================

Follow-up on Monday Evening:
The ES gapped up a tad and turned into a semi-trend day down that covered quite a few points. This is where the LONG STOCK PICK LIST functions, as I've alluded to on multiple occasions, like an INDICATOR!

Yeah, it's typically hard to know what the ES is gonna do during the first 15-30 minutes. But what were so called "good" long pick setups were in total disarray ... not acting well at all. This showed up early. Doesn't necessarily help me as an equity trader looking to hit one or more early while taking a cue from the first few 5 minute bars of the ES. So not good trading today early for me.

My point is this: the overall 5 minute price behavior of long picks pretty much just "BLEW" ... which, as an indicator, can be employed in ES trading as (in this case) weakness to come on the session ... which it subsequently showed throughout the day. Just wanted to point this out again and reiterate how ES traders can use this or some semblance of this as an "internal" early indicator to aid their trading.

And actually, most of these stocks still look great long on the Daily chart if the market moves back up. So most are still on the radar as LONG PICK potentials. Anyway, just revisiting the usefulness of following this type of thing as an additional tool/indicator for trading the ES.

MM
thanks for explaining that MM. Looks like we are heading down in the overnight to the next key area 1310.50- 1312.50.