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ES Thursday 9-29-11

I thought that we could use a refresher and some basics in case we have some new folks here. Most will know this stuff but hopefuly this will inspire some questions or help clear up any questions regarding the use of high and low volume in your analysis. Here is todays chart with the key areas labelled for Thursdays trade.
Click image for original size
VPOC shift lower to 56.50 I may try a VWAP short at 59.75 also LVN
this is not specifically related to the volume nodes but the reason I was trying the longs is because we had the second set of single prints inside the range of I was expecting at least one of those to fill in...with a little bit of luck our runners will get to the low volume at 60 ( get out in front of that) but we still have this 55 - 57 area to get through
Theres that 60.00back in pocket (LV)
I'm looking for a break of IBLO to cover up 59.75 VWAP fade
Now u see it DElla....u r getting it !!! congrats !!
sorry for the delay....they are dictated by volume and the footprint which tends to vary with volatility as u mention....I'm trying to keep my stops tighter now in the .75 - 2 point range...You can also experiment with the following concept:...this is hypothetical...suppose today we blew through the 52.50 number and you notice that the market has hit 1150 and the next key number is at may want to take the long if you see some subtle sign of price firming up and use the 47.50 as a stop loss and an initial target of the high volume above 52.50 at 55 or higher..

I guess I want to get you to start thinking about just how often we bounce around a bit at low volume before heading to the next number or the retest of the high volume other words think about where the other key areas are in relation to entry....

The other option is to study the footprint and the time and sales which is now my foucs...sorry I can't be more help.
Originally posted by Sangeo

Bruce, thanks for all the great info. I've been struggling to be a profitable trader for some time and the only thing I am sure of is that volume runs the show. I'm understanding you explanation of where you are looking to enter. Any guidelines as to where you put your stops? Dictated be volume as well? Volatility? Thanks!
To BruceM. I have a few questions for you I appreciate your answer
What is the time frame for the Volume chart you posted today 9/29/2011
In general when you prepare for the next day trading and make your analysis based on volume high/low what time frame volume chart will be optimal to use if I trade on the 30 minute chart
Last question what is the best book about volume trading the Book that DT posted here about volume had mixed recommendation on the internet so I’m not sure which one to buy
Lorn I would appreciate your input as well
Thanks Bruce!
yes I hope so I had 2 great teach some guy name bruce and some very nice young lady name Lisa
Originally posted by BruceM

Now u see it DElla....u r getting it !!! congrats !!
Bruce you said there were a few singles from yesterday What was the price of them??
this is not Big Mike from " Big Mike's trading forums " is it ?

Originally posted by Big Mike

Thanks Bruce, I knew I wasn't the only one doing some homework this morning-LOL