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ES Wednesday 10-5-11

Very interesting finish today which hopefuly will helps us expand our knowledge of the bell curves. At the end of today we blew right through the high volume node of 1102.75 and then preceeded to blow through the low volume nodes ( LV1 and LV2 zones from yesterdays chart) that comprised the 1107.5- 1112.50 area. The market then stoped at our high volume area of 1120.

The rules as I have stated them say that we will come back to test LOW volume and that is why I choose to be more agressive in the low volume zones. They donot state that we will retest high volume and that is why I donot trade at those areas for retests once broken. Like all trading methods this has it's losses and trading at the end of the day is more prone to trend then in the morning. So if you were trading this afternoon it would have been most challenging but here is the interesting part. As soon as the Overnight opened the market dropped like a rock to come back down to test all the way down to our 1107.50 and retest the entire it should.

here is how the overnight looks as I type...the point of all this babble is that we can count on Low volume being tested but not so much the high volume nodes once broken.
Click image for original size
Got back and my 1127.50 stp got hit. +5 pts pc. That was fun. That 1133.50 is gonna be tuff to break now.
Will see if gives me an other set up.
ES now trading 1129.00 @ 14:46
Gizzzz long again 1129.75 stop 1128.75
ES now trading 1130.00 @ 14:49
Stp at break even. 1129.75. Objective 1143. end of session. Will see if it breaks that 1133.50...
ES now trading 1132.25 @ 14:52
what type of signal do you look at to get into a trade?
If next time es fail at 1133.50 I will look to go short. Will see, It could stop me out first, oops just did as I'm typing.
NickP, Thanks for the question. I usually look from support resistance to take a trade. That's the reason for my posts today. So people see S/Rs being played. I use slow stochastic for signals to buy in oversold at support- sell in overbought at resistance. You do have to know the stochastic idiosyncrasies in real time, when the market is trending and when the market is flat or trading in a channel.-

quote]Originally posted by NickP

what type of signal do you look at to get into a trade?
sandoxe, how do you calculate these S/R levels?
She gort a way from me and broke the 1133.50. got long at 1134.00 stop 1131.75

ES now trading 1134.75 @ 15.5
I can't even type fast enough lol Objective 1143.00.

Stp now at 1137.00
If ES hits the 1143 will probably between 16:00 / 16:10.
ES now trading 1140.75 @ 15:45
Thanks Sandoxe, I missed your reply & just found it when researching the posts, what formula would I use to calculate these previous 3 days S/R levels?
regards Brent.T