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ES Day Trading 5-31-2011


Getting thing started with a look at last weeks volume profile. Obviously prices are much higher here in the O/N but one of the interesting things to note on this chart is the expanding volume on up moves and decreasing volume on pullbacks. Classic behavior in an up trending market.


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es30min05312011
Big Traders would bounce from here 1337.00 since it's a fib 50% solid are with high volume.
I am counting the fib's number from ON's 30.00 to 44.00 movements. If you consider from afternoon low of friday to ON's high you should get fib's 50% 1335.50-1336.00 that would be a good place to go long I belive for a scalp of 2 points.
John, r u saying the big traders trade fibs or the big traders use 50 % ? my vote is for the 50 % but that isn't a true fib or so I am told.....interested in your opinion...


speaking of volume spikes Lorn....this is where the O/N volume spike happened..biggest one happened staring at 37.50 price so that area had to become part of our key areas mentioned on page one
so far we have a selling tail, we are below the open and O/N peak volume and we are EXPECTING The high to low day.....liking the "go with the selling trend " so far....not the best environment for long trades IMHO
Long here from 1336.00
Yes you are right. Big O/N volume zone here.

Originally posted by BruceM



speaking of volume spikes Lorn....this is where the O/N volume spike happened..biggest one happened staring at 37.50 price so that area had to become part of our key areas mentioned on page one
I would take out half position on 1338.00 and run the rest to 1340.00.
I'm still a believer of the 52.8% over the straight-50.

Not crazy about the up-side here.

that is one ugly looking RTH low so far.....look at all those stops....it shows no real buying impulse...nobody in a rush to get long yet...expecting that to get run.....
I started selling into 38...the reason is that this entire area...35.75 - 37.50 is shaping up into it's own miniature bell curve and I noticed volume was drying up as we went higher..36.75 is peak volume so that is the line that bears need to push through to get those lows run out.....

I will add above 39.50 if needed but not gonna get too crazy today
I deserve that! Foot still in mouth. BTW... the function works Great! Wouldn't of wanted to miss this post... no really!



Originally posted by Dubya

This is a good option to have..hopefully it will still remain "calm" TQ......