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ES 5-19-11


Prefer shorts on a higher open today or after 8:30 A.M reports.....Yesterday was another low Volume rally....

keys on upside will be 45 - 48 and 52.50 - 55...ideal sell zones


other key area is 1340..lots of time spent there....but the biggest key will be 1332.75 - 1334.75 as support ...this is where the buyers defended yesterday and we have the peak volume price that never got revisited.....

Options expiration so I am working under the assumption that they will want to keep it away from 1350 as long as possible..


Many reports at 10 this morning which makes life a bit harder ....
Here is a weekly ES chart with a couple basic trend lines that I've left untouched for months. Amazing how simple TA seems to work.

That's great Neo...the simple things...sometimes I think this age of computers has made things so difficult...we think we need all the "bells and whistles" because the software vendors are great marketers...

I guess it always comes down to finding those few things that goes easy on our brain...those things we can digest as the market unfolds....especially if you are day trading

Years ago when I thought I was going to rule the world ( make tons of $$$$)trading a basket of commodities, I had Supercharts which later became Tradestation. With all those indicators I was convinced I would find the holy grail and own a small island in a short time....well I eventual did find that holy grail and it certainly isn't in any trading package....I never did buy that Island...

We've all heard it before and it's true that we currently have the holy grail inside our own heads. It's finding what works for ourselves and fine tuning it....

my good pal Tony Robbins ( ok, not really my good pal but did meet him a few times...even walked across hot coals until I burned my feet..LOL) says " repetition is the mother of skill"...

How true is that in trading ? It's huge ! You need to immerse yourself and be very aware of what is and isn't working...look for the subtle differences between good and bad trades/analysis/campaigns....often they are very difficult to find but if you truely have a passion for trading and not just a desire to make money then you will find it.

Gheesh - I am full of babble today!!

Rock on !!!
thanks Lisa ..I wish u a speedy recovery..



Originally posted by Lisa P

BruceM (and enyone interested in Footprint charts), I finally read your post suggesting for me to make a video of a Footpring chart "in action". Sorry I missed it (twice. )Please see my late-night reply on yesterday's thread. I am very busy now with after-accident activities, including physio 3 times/week, dealing with insurance and looking for another car.

When I have more time I will try to figure out the replay function on Market Delta software and try again with the video clip. Thanks Lorn for your offer to help.

Paul9, I elaborated on my short answer to you, also on the yesterday's thread. Please let me know if that helped.
Bruce,
did you ever think that you first had to go through that search for the indicator Holy Grail, and spend a couple of years in a futile state of frustration before you could absolutely reject the use of indicators... and search for something that might work.

Once my search for the indicator grail was broken, once I had given up on thinking that indicators could pave a path to the grail, it was only then that I started to embrace the simplicity of the chart.

the H, L C daily, and weekly, hmmm wonder what the weekly close was last week,
and the price points where swings in opposite direction occurred.

One of my favorites. Price gets to a previous H or L, or a swing H or L or a defended zone like you mentioned 34... price either gets past it (breaks it) or stops going any further and plods sideways or reverses.

As my ex-wife used to sarcastically say to me: "You're job is easy, the market can only do 3 things, go up, go down or go sideways."

The epiphany occurred when I realized that "sideways" won't hurt me, so if I can figure out what price is NOT doing, then I have a 66% chance of making money or getting out near break even. Think about it.
One thing that I notice so often when trading the ES are the fib levels in between pivot levels.

In this case, we bounced off the PP (34.50 to the tick) on its way to R1. 52.8% of that distance is at 39.75, which we broke above and is now acting as support. And 78.6% of that distance, which is at 1342.25, which we found resistance so far on this push up.

Regarding the levels that BruceM mentioned earlier, looks like we want to take a stab at getting above yesterday's RTH high... then watching for today's open, then O/N high.

I'd like to think we are on our way to 54.25 in the next couple days.
Originally posted by PAUL9

Bruce,
Once my search for the indicator grail was broken, once I had given up on thinking that indicators could pave a path to the grail, it was only then that I started to embrace the simplicity of the chart.


A conclusion that I came to was that the "holy grail" was money management.

For example, if you randomly place a buy order and price goes up 2 points from your entry and then down 2 points from your entry, and then back to even, one trader may have made 2 points, one may have lost 2 points, and another may still be holding at break even. Three traders and three very different outcomes, even when the market essentially didn't go anywhere.

How you handle the trade is how you make or lose money.

IMHO ;]
Daniel
You and Bruce are spot on.

I would add that all new traders must go through this process the long and hard way.

Becoming a professional, whether it be a sport, a profession, a field, etc, requires years of experience and blood, sweat and some tears.




Originally posted by PAUL9

Bruce,
did you ever think that you first had to go through that search for the indicator Holy Grail, and spend a couple of years in a futile state of frustration before you could absolutely reject the use of indicators... and search for something that might work.

I think.... I feel lucky here. I personally didn't come here looking for the holy Grail... I just dislike driving! REALLY! That's my motivation. If I have a bad day... I get in the car during rush hour.

Since I didn't know anything about indicators, to me this was just a coin toss. So things are kinda lookin up from where I sit.

I never expected it to be easy, because everyone would be doing it. I just didn't know it would be this difficult.

Obviously I'm no better off at this new stage... other than my expectations may be a little lower. The long road ahead is a bit discouraging, the advantages over what my current life is... is worth sticking it out as long as I can.
Don't get us wrong TQ...indicators are very useful.

Its more about learning to rely on the skills of trading, which rest within you, rather then relying on some squiggly line to tell you what to do.

The human mind is an amazing creation, which, over time, will internalize anything you let it study long enough. Probably the most important thing in learning anything, at least in my personal view, is the intention behind learning it.

Keep at it!
Noted and very much appreciated. Thank you.
Correct- Lorn has trips down pat...so still a valid target to consider