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ES Thursday 9-22-11


It's always after the Fed. where the good trades unfold. The 1169 extreme support and objective posted this morning got blown away and the ES close 14 points lower at 1155.75.

Tomorrow I will be looking at the following numbers for trading set-ups.

For the outside: I will look for the market to move above 1156.25 and use it as a "platform" or support for my next objective at 1169.50. Overcoming 1169.50, then, that will be my next support to work from for 1179.00 objective. Overcoming 1179 will set the stage for 1186 objective.

For the down side: I will look for the market to move below 1151.75. Then use 1151.75 as a ceiling for my next down side objective at 1143. Below 1143 will be 1132 as next objective. If the ES moves down to 1132, It's possible that will extend to as low as 1123 looking for support. -- 1123.50 is also Sep. 12 low.

In a nutshell here are the numbers for tomorrows session. The bold numbers are important S/Rs. the others are minor s/r. If you find congruency between the numbers posted below and the ones you got, and the market is trending in that direction, then it's most likely the market will hit it.

For Sep. 22.. Thursday

Buy above 1156.25
with 1160.50 / 1165 / 1169 / 1179 / 1186
Extreme 1194
as outside resistance and objectives.

Sell below 1151.75
with 1147 1143 / 1139 / 1132 /
Extreme 1123 / 1113
as downside support and objectives.

As always, the market has the last word and in due time will show us the way.
I see for you the same I see for my self: having the very best of luck and a fun, profitable trading day!
.............
Originally posted by sandoxe

Destiny. That's a nice chart. I don't post too many charts bc they are very simple, all U gonna see is the levels I use for trading and a stochastic. That's it. Here is a 60 minute, all sessions ES continues contract, with the levels I will be looking to trade tomorrow and a possible momo objective at 1133/2.
But, the market always has the last word and I let it show me the way...


Click image for original size
60 minute ES continues all sessions 09/21/11 23:55 E.T.



And here is the follow up chart on the one posted at 12:14 AM with the S/Rs.
The chart shows how the S/Rs worked out. ----- What a night! What a day! Beautiful!!!!!


Click image for original size
es 60m all sessions 09222011
Originally posted by sandoxe

Originally posted by sandoxe

Destiny. That's a nice chart. I don't post too many charts bc they are very simple, all U gonna see is the levels I use for trading and a stochastic. That's it. Here is a 60 minute, all sessions ES continues contract, with the levels I will be looking to trade tomorrow and a possible momo objective at 1133/2.
But, the market always has the last word and I let it show me the way...


Click image for original size
60 minute ES continues all sessions 09/21/11 23:55 E.T.





RISK O/N VS RISK OFF.

Dollar breakout = Markets “Under Pressure!!!”
at 4:59 am, filed under CRX (Commodity Index), Dollar Update, Great Escape; 2 Comments.

I shared the chart below with premium members on 9/8. The chart below is the guiding light to how we are constructing portfolios. I wanted you to see this, because this situation represents a huge opportunity if positioned correctly or is going to be very painful for investors on the wrong side of this Dollar breakout/CRX breakdown!
The "Power of the Pattern" in the chart below suggested the markets would be "UNDER PRESSURE" in a way not seen in YEARS!!! I attempt to "enlarge portfolios regardless of market direction"...the chart below is helping achieve this goal in a big way of late!


And here is the follow up chart on the one posted at 12:14 AM with the S/Rs.
The chart shows how the S/Rs worked out. ----- What a night! What a day! Beautiful!!!!!


Click image for original size
es 60m all sessions 09222011

Originally posted by BruceM

absolutely Mike....as we also have the S1 level there too....you would have done the same as we approached near 32......because low volume will sometime test to the tic and not always do the overshhot....we could look at market delta all day for change but I prefer to predefine my areas and decide that is where I want to conduct my trades...or at the very least start looking for signs of exhaustion in the DELTA
Originally posted by Big Mike

Originally posted by BruceM

I prefer to pick out the volume that seperates two very clear distributions...if you look at your data you will see we had a nice bell curve and price consolidation in the 48.50 area.....so we went from non-trend to trend...that is the real key...."at what point did we go from consolidation where prices where fair to a place where prices became unfair....at what point did that change ?


I see your low volume at 41 so that certainly isn't wrong it's just that I have no real big volume above that number to lean on if wrong...we could easily blow through that and into the 44 area....but up at the 44 area we usually will have a SLOWING affect so price in theory would slow as we get closer and closer to the 48.50 high volume......does that make sense?



Originally posted by Big Mike

Originally posted by BruceM

Only two key areas I'm looking to trade from and those are 1122 - 1125 for longs ( key lows and daily S2 level)and then the low volume in the Overnight at 1132...( my sell area for today early on)

If we break and hold from the 1132 then I won't trade until we get up to the next low volume at 1144 -1145


I'm not looking for shorts under the 1122 area and will stand aside from any selling that happens under there,,,,,this market is still in a longer term bracket until proven otherwise...so I prefer longs under there


Bruce is there a reason why you prefer 44-45 LVN instead of 41 LVN area?
Thanks, Mike



Your view certainly makes sense. I am trying to incorporate levels with Market Delta as opposed to avering in. I have difficulty adding to losing positions and am trying like heck to avoid that.

So at 41 I would look for sellers in Market Delta. Am I on the right trail?



The forum has had a huge increase in posts lately and one can get sidetracked or a bit lost. I just wanted to publicly thank BruceM. Bruce has brought structure, clarity and focus to my trading and I am very thankful and grateful for his help.

I would suggest others get a foundation from Bruce's great contributions to the forum.

Thanks Bruce!
Thank you from me too Bruce!