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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)
long from 1316.50
taking half off at 1318.25...objective on the other half is 1320.50 with a 1319.75 exit planned
nice trade mate...
KoolBlue why did you enter 16.50 what did you see there to go long?
Originally posted by khamore1

KoolBlue why did you enter 16.50 what did you see there to go long?
refer to todays post at 9:38.36...
that's me done at the print of 15.50......couldn't hold trade outside of O/N highs, got below the open and the Overnight peak volume to target................not much really to say ...a range will break out or hold....simple concept
from the daily notes page....Daily Pivots for day following 23-May-2011
Classic Woodie Camarilla DeMark
R4 1363.92 1355.08 1323.78
R3 1348.42 1339.58 1319.51
R2 1332.92 1332.92 1318.09
R1 1324.08 1324.08 1316.67 1320.75
PP 1317.42 1317.42 1317.42 1315.75
S1 1308.58 1308.58 1313.83 1305.25
S2 1301.92 1301.92 1312.41
S3 1286.42 1293.08 1310.99
S4 1270.92 1277.58 1306.73

Weekly Pivots for week ending 20-May-2011
take note of Demarks numbers! The only ones i ever consider!
Congrats to you, Bruce. Nice trading.

In the pre-market, I was totally convinced (dangerous thing) that there should be a short squeeze today.

and I don't think I was rationalizing the overnight PA

overnight
1) retested prior RTH swing Low and uncovered buyers.
2) exceeded yesterday's RTH H and uncovered some sellers...BUT
3) retraced only about 50% of the run from early overnight low to current overnight H

I thought if the swing low held as support, an RTH move above overnight H plus a couple of ticks had a great chance at igniting a squeeze.
(50% retracement of the RTH L to H is = 1316.75, actual print low on retracement was 1316.50 near 7:30am)

but I also monitor the NQ, and in the RTH, the NQ was much weaker than the ES. I didn't like the action, so I didn't trade the fakepout breakout.

I'm not upset about mis-diagnosing the overnight, I'm happy I didn't buy the RTH high! ha ha ha.
Thanks Kool!

I was in this earlier @ 1317. A couple more tics down and I might of bailed. This post helped keep my confidence to ride it out. whew..


Originally posted by koolblue

long from 1316.50

Originally posted by TradeQueen

Thanks Kool!

I was in this earlier @ 1317. A couple more tics down and I might of bailed. This post helped keep my confidence to ride it out. whew..


Originally posted by koolblue

long from 1316.50


Glad to help... still believe 1320.50 will be seen later(at a minimum!)
You are right it should show like this.
Click image for original size
may2511