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ES Thur 7-21-11

L bracket single print at 1316.50 from Tuesday's session formed the support price for early overnight action for Thursday's trading session. Low price dropped down to 1315.75 and single print was 1316.50. Draw down was 3 ticks and max run-up was 1325.75 (9.25 points from single print) so far.

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Early evening action for trading day 21 July 2011, single print holds.

(No I did not trade this. Yes this is after the fact. As I stated a few days ago I'm going to try and point out winning and failing single print trades. Although this is a great example of a winning one there are losing ones as well. I'll try and point them all out. Let me know if I miss any - both winning and losing.)
short on 41 ....better shorts will be near that gap fill if it comes above 42.50.....but we are done with the hour range is 38.50 volume
1341.75 is a "gap close" AND the next gap "bottom"
nice strong trend for longs....for now...!! any push up now won't hold now....IMHO....too much...too soon..
First decent volume. I am short 1340.25

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2011 07 211036
best spot for failure as the minimum for a C wave has been reached.
I watch internals and except for banks, look weak to me right here.
Doesn't mean they can't run it higher. Price
1337.20 and 1333 added as levels below
current 50% retrace is 1328.25
First Low Volume Node hit

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2011 07 211056
Sorry, wrong chart

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2011 07 211100
runners trying for the 36 air but we need to be careful down there as there was a high volume node at the 34 - 35 area...some may try to buy in front of that....
Second Low Volume Node at 1334.75 is hit
I am out of my short
Thanks redsixspeed - appreciate the elaboration!