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ES Thursday 7-14-11


Just starting the thread today as no one has and 0830 EST with its three reports is almost upon us.

My immediate levels are 1318 and 1312 followed by 1307 and 1301.
Originally posted by NickP

bigmike, may be i am confused but wouldn't the 2.30pm et bar indicate a long based on the swing low at 1pm et ? of course that long would have gotten stopped out just now

the sell signal you are talking abt is based on what swing high bar?
Originally posted by Big Mike

One time framing is setting up a sell @ 1311.25, but I think it will chop around the rest of the day, so I'll pass.



I'm glad I thought chop and stayed out because you are right! I got turned around on a phone call and my tongue covered my eye teeth and I couldn't see what I was typing.

It would have been a long setup with entry at 1308.00 with a stopout @ 1306.00 Better sometimes to be lucky rather than good!

I appreciate your back and forth on this setup.

Good luck
no problem, thanks to you for responding

i am new at looking at these and just want to amke sure i am looking at it the right way

Originally posted by Big Mike

Originally posted by NickP

bigmike, may be i am confused but wouldn't the 2.30pm et bar indicate a long based on the swing low at 1pm et ? of course that long would have gotten stopped out just now

the sell signal you are talking abt is based on what swing high bar?
Originally posted by Big Mike

One time framing is setting up a sell @ 1311.25, but I think it will chop around the rest of the day, so I'll pass.



I'm glad I thought chop and stayed out because you are right! I got turned around on a phone call and my tongue covered my eye teeth and I couldn't see what I was typing.

It would have been a long setup with entry at 1308.00 with a stopout @ 1306.00 Better sometimes to be lucky rather than good!

I appreciate your back and forth on this setup.

Good luck
No single prints created or tested today.
Now that the trading day is done, I've given some thought to how in my mind I structure a day like today or rather how I try to think through a pattern to the day based on where we are in an hourly trend / daily trend.

So, things I keep in mind, we were in an up trend for the last couple of days. This would give me a check in the short bias box.

Three 0830 reports and not much happens. We are near the highs of the day. Another check in the short bias column.

It is only Thursday. This is a check in the "Probably going to stay in the last couple of day's range and have no explosive moves up or down beyond the established high / low of that range" column.

Now, based on the above, a sell at 1318 today looking for 3 - 5 points was in order. It could even be argued that if you were inclined to focus on taking only 1 - 2 best trades of the day that a sell there, followed by a separate ATM order to buy at 1305 or so were the two trades to take today.

I also traded the levels I posted in my first post to start the thread today, but that is much more complicated to explain. It involves a minimum of 4 lots, an ATM strategy with profit target, auto break even stop plus auto stop adjustment, and discretionary lifting of lots prior to the break even stop getting hit etc etc.

The above S/R trades are initiated based on how many times has the S/R been approached, what is the tape telling me, what is Delta Buy / Sell volume telling me etc.