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ES Day Trading 5-24-2011


PP to S1 52.8% 1312.75 (2T from O/N Low)
PP to R1 52.8% 1321.25 (O/N High)
Hoping 10 am reports lift up above O/N high to look for short fade.....so far they can't get day sessionback in value from yesterday...1317.50 is VA high....so that is supporting the bull side.....I'm gonna sit bullish side out up here
Neoikon, quick question, your fib divisions of Pivot and S/R points, do they depend on the pivot point so 0%-100% above and opposite below, or does it depend on how price enters the range? so if price came in R1 from above would the R1 now be 0%?
nice reaction off of the 1322.25 as projected...
sold 21 on the way back down....need to stay below O/N high and open range highs
Just a comparison...

NQ is fighting with its O/N low
ES is fighting with its O/N high

One of them has the direction correct.
Originally posted by Silverharp

Neoikon, quick question, your fib divisions of Pivot and S/R points, do they depend on the pivot point so 0%-100% above and opposite below, or does it depend on how price enters the range? so if price came in R1 from above would the R1 now be 0%?


The short answer is it depends on "how price enters the range", as you mention.

The idea is that price rotates between the pivots. In this case, we broke above PP during O/N and the thought is that it wants to go toward R1. Sometimes it doesn't make it all the way, so I look at fibs (percentage of the distance toward the "target" of the next pivot level). In particular 52.8% and 78.6% of that distance. In this case 52.8% is 1321.25 (O/N high) and 78.6% is 1323 (we just came with 2T and are falling pretty fiercely toward the Gap fill, IMHO).

If I am trading a pivot level, I typically use those two levels as targets (front-run by a few ticks).

After the open, you can see how we came within a tick of the PP and found support.
gaps in the data has me pull the plug at 19.25....will look again
gap filled short 21 again..
having some data issue with IB....trying to pull something off again at 1319....
good buy scalp down here...?
You are right it should show like this.
Click image for original size
may2511