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ES Thurs 06-23-11


Rare indeed double islands. Islands by themselves are rare and rarely last for long, but right now this, a double island set is something else.

for today, Thurs 6-23-11, if price opens in a gap below 75.75, then the market has created double islands one above and below.

The gap that remains open for both is 75.75 to 77.50 (and I would expect it to be filled sometime today)

price is testing 50% of the prior week's range (1269.75), this is a likely bounce zone, (short-term intraday) but can easily be retested RTH. if there is a lift from the current 50% of last week's range, and then a retracement (would prefer to see retracement undercut whatever L is established now by 1 tick), the pattern I look for is a 1-2-3 buy (AFter some sort of a lift and retracement.)

this might be my only comment of the day
So Bruce,

This actually touches on a question I have.

If I'm not mistaken... The -4 hit and filled in the first 15 minutes and I wondered is that it? Is it over now?

From what I'm gathering from this post... I continues. Also am I correct that the -5.5 hit, but broke down and continued to -8 and filled.

Is this a correct translation?

BTW, was fast day for everyone this morning, but still enjoy the quick chat from everyone. Much appreciated. Many thanks. Wanted to tell Lisa that yesterday as well. Good day to all!


Originally posted by BruceM

I was going to mention that.....eventually...LOL....the minus 8 - 10 pitbull zone use to be a big zone in the first 90 minutes when volatility was higher....now we don't get there till later usually...today it happened in the first 30 minutes....anyway that was why I took that once i saw the one minute air pocket......nice trading apk......
an important but subtle distinction for anyone who is looking at the pitbull fades is this:

Today we opened and hit the minus 4 number and went back up to hit the opening range low ( that is the one minute low) so that trade is complete. If we fade the 2.5 number then we can use the actual open print for an ultimate target but since this was a minus 4 it is safer to get out out earlier. The original method only targeted 1.5 points. So looking for 4 points is excessive and not part of the method but ok if u have runners.

Now taking a fade off the minus 8 - 10 and expecting it to return back to the opening range low or the open print would be greedy and foolish ESPECIALLY since the first trade worked at the minus 4. Don't expect both to work. Get out in front. That is why I will look at other targets to exit. Hope that makes sense.
I can get this for you.

www.mypivots.com/board/topic/1337/1/pitbull-three-strategy

hmm I don't know why the link is not highlighted, but it should work. copy and paste,,
Originally posted by rburns

Bruce could you repost link to pitbull explanation I can seem to locate it thru search.
Trade queen, the two key zones for me are the plus/minus 4 - 5.5 ZONE and the plus/minus 8 - 10. These are just zones and not meant to trade as a stand alone method. The 2.5 number is more agressive but we need to factor in the volatility.So I am also looking at other reasons to take the trade which could be the break of a key area or the formation of an air pocket etc...so I want a target above price to help pull price back in this example.

I think my last post touched on that and I would consider that zone done once we hit a zone and went back to the open range or open print. This doesn't mean we can't take other trades but in pitbull terms I would consider that zone to be used up. The person who taught me this just took the trades and ended his days quickly. He made his money and left to go work on his boats...a passion of his..
It came so quick... It was like your reading my MIND!... I thought, wow that was fast. Thank you and best regards!



Originally posted by BruceM



I think my last post touched on that and I would consider that zone done once we hit a zone and went back to the open range or open print.
Thanks, TQ

Originally posted by TradeQueen


BTW, was fast day for everyone this morning, but still enjoy the quick chat from everyone. Much appreciated. Many thanks. Wanted to tell Lisa that yesterday as well. Good day to all!


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POC shift to 61.50 and low volume down. Watching

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2011 06 231113
Update

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2011 06 231116
Too bad, I have to leave. Good ltrading to all.
wasn't here for the second set of triples but congrats to those who got lucky on that long rocket....a perfect run of both sets of triples today