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ES Wed 9-21-11


Don't forget that today is a Fed Day. Resources for today:

All fed rates over last 21 years:
http://www.mypivots.com/trading/fedrates

The ES on the previous 113 Fed Days:
http://www.mypivots.com/trading/feddays
Originally posted by tradezilla

Do you find the VWAP to be reliable?


Usually, but it depends on the price action there. If market stalls there, I take my trade off there and, if goes through, re-enter
Originally posted by Lisa P

[quote]Originally posted by tradezilla

Do you find the VWAP to be reliable?


It is like every level of support or resistance - you have to watch how market reacts to it
Sometimes I use the 20ema when the market trends but only if has something else going for it as well.. generally, I've found levels to be most reliable.. In MP, I've found the VPOC/VAL areas also to be very reliable and significant when they are crossed.. How reliable are the single prints and low volume areas?
entering long here...risky, but i smell a bottom forming...
I use wicks on the 30min at market extremes to mark out my single prints.. These are often reliable.. Not sure how reliable are the single prints inside the day.. Any inputs?
No decent set ups in es due to FOMC pending news but CL made an A up and never looked back. Hopefully soon i will be able to trade one more instrument - for a total of 3 - and will not try to force trades.
long 2 es from 1191.00 patients pays,i hope! objective is around 94-95. usual 3 point stop to start, which if hit would put me back near flat on the day, so no harm ,no foul...
Odd that CL made an A up b4 the FOMC.. It will likely be impacted by the announcement as well..
BTW, ES actually made an A down today... while CL made an A up???? one of those markets is going to be wrong...
Moody's downgraded B of A's long term debt
Appreciate the sentiment but it's not about that. It was an event trade(earnings,fed,etc...) He/She who hesitates is lost.
No news. No volume. Price is always the leading indicator. :)
1998 was resistance. Didn't make it?
Stopped at 1996.50 I think.
The 1182 target was missed by a tick. Took about 4 minutes top to bottom. That was the event.
Correction stopped below 1189. Other levels represented in corrections/ pauses and 1260 exceeded. Extension.
This was posted pre fed announcement. The objective is to be right, in the trade, even if 98 was hit.

Originally posted by destiny

Originally posted by DavidS

Trade plan
1- shoots up to 1193.50 or higher to 1197, short as 1198 R level
2-drops below lod, go with it using 1189, 1187 as s/r line
1181-2 the 38%, target below that would be 1175,1171, or lower(1160)
above 1198 will reevaluate
between em all is 1193.50 key level imo and working good above and below so far today
1189 should have been a buy signal? there's a message there somewhere 1193.50 the key to me
maybe will muddle around in the area
Magic Beans!


You were right on the MONEY. CONGRATULATIONS.
using price as leading indicator
thinking overall down but subject to change my mind