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ES Friday 7-15-11


Good day everyone!

1312 1307 and 1301 are my S/R numbers for today.

Let's all do well! Please reply with comments, levels, and ideas!
Looks to be opening within Value Area and yesterday's RTH range. I would like to see a drop to 07 and get long going to 12.

Is anyone incorporating Fair Value level into their decision making process?

Good luck to all!
Good morning Fruday

what are the numbers for value area from yestatday ??
thank god its friday long week for me
Richardr
Thanks guys and ladys
think spike higher at open
1307.75 close enough
might not get too high today, maybe inside day,1315,1318
would short break of 1300
1314 -15 area could be a key level today, middle of this week's RTH range is 14.75, using CME charts 1315 is H vol of the past week and the past month from middle of June, and 14.5 is also 61.8 retr of yest RTH H to globex low 1300.5, DT has 14.75 as VAH

options expiration.....
Also 2 reports in 3 min and Michigan Consumer Sentiment at 9:55AM
I rarely pay any attention to volume. It's just another indicator to me and I already use multiple methods, mainly pattern trader.
I point this out because of the daily H&S pattern with 1354 as right shoulder. Most don't know how to trade a H&S. I only consider them for trend reversals(check). Also, a true H&S pattern is confirmed with higher volume on the right shoulder(check-see daily notes ES mini voume last 20 days). Just sharing. Thinking Monday, if a drop,give or take a day.
Now note the 60 min chart H&S. Not dropping here,yet.
Indexes pegged at open stocks at close.
Originally posted by icelandicstorm

Good day everyone!

1312 1307 and 1301 are my S/R numbers for today.

Let's all do well! Please reply with comments, levels, and ideas!


What an incredible day. I must admit re-shorting and re-buying made me very nervous but it has been well worth it.

Anyone put in a buy at 107.50 prior to the 0955 plunge?
For anyone new to trading following along, I would have to say, that despite being not too old, despite having traded futures roughly 16 years, despite being an IT pro, and despite being pretty quick on the draw, had I not being using NinjaTrader with the ATM orders pre-positioned, I would have fat fingered the orders just simply doing order entry via a broker's interface like IB or thinkorswim.

I really think ATM orders take your trading to a completely different level.
Originally posted by icelandicstorm

Originally posted by icelandicstorm

Good day everyone!

1312 1307 and 1301 are my S/R numbers for today.

Let's all do well! Please reply with comments, levels, and ideas!


What an incredible day. I must admit re-shorting and re-buying made me very nervous but it has been well worth it.

Anyone put in a buy at 107.50 prior to the 0955 plunge?


I had a market order @ 08.00 got filled at 08.50 and stopped @ 06.50 and we all know what happened right after that!

Good luck to all. Still would like to discuss Fair Value.
Next buy for me is 1301.

I may sell pull backs approaching 1310, i.e. 1308 - 1309.

As it is Friday and I've exceeded my daily goal, I'm not to keen on staying much longer.
Originally posted by redsixspeed

http://ori.cnbc.com/id/17689937

cnbc fair value link


That is what I use, thanks. It appears that the cash index reacts directional to whether the futures are above or below fair value at the open.

Has anyone observed some directional "tell" related to the futures contract(s)?