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ES Monday 10-10-11


Here is the same Friday's 3 minute chart following up for Monday's S/Rs play.
Reviewing the daily chart I found one more resistance line that will be crossing around 1170/1168 on Monday, as seeing in the chart.
Moving above that trend line and testing as support will target the 1190.00 Objective.
I like to borrow some posts from Friday bc the same S/Rs are applicable for Tomorrow's session. (1163/1157/1145/43 and 1129)
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sandoxe | 7-Oct-2011 at 9:25 AM
It's important for the ES to close over 1163.00 in a daily basis. if so, next objective is 1190.00. 1190.00 is 09/27 high.
1163 was the S/R objective for yesterday. Now becomes the S/R base to play the out side. Below 1163.00 is 1157.00 also important
to keep in mind.
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sandoxe | 7-Oct-2011 at 12:35 PM
Wow. This market is gonna have to work very hard to get out of the negative fractal created today. Lots of zig-zags of 20 or more points to get out of it.
The other way, will be to go down to 1143.00 or 1129.00, gather some momo and back up to break 1170.00, few days in this area.
If 1129 does not hold? --Back to test 1068.00....
JMO.-.-..
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The above post mentioned that the market could be making 20 points (+-) swings moving to break 1170.00. -( Actually Friday's high 1173.75).
Notice that in the chart, the ES has made some good moves, close to 20 pts since that post. I hope it maintains that volatility, I love it!

As always, the market has the last word and in due time will show us the way.

I see for you the same I se for my self: Having the best of luck and fun, awesome profitable trading day!




Click image for original size
sp 500 es 3 minute chart 10102011 follow up from friday
perfect...normally I would not trade at a previous days high volume area but we had the low volume created at the 79 - 80 today and then we had todays hour highs and single print concepts to lean on...that made shorts up here acceptable to me even though that high volume was up here from 9- 27..see lisas chart...in fact that makes it even better in these cases...
trade back to 84.50 will stop out runners..trying to hold for the 80.25 test,
on bid side there all lined up at 81.50
a few comments that may insult some forum members but that it not my intent. I've been trading the eminis for a long time and I have never seen anybody hold a longer term trade in the ES based on Market profile, Fibs or projections. Our opinions donot matter either as day traders.

Too often we see great after the fact charts ( especially on other forums)that show fibs or projections hitting but the posters provide no logical way to hold for those kinds of moves....MP falls into this too and so do opinions.

a case in point: I was of the opinion that we would trade back into the range of fridays day session. So far I am wrong but does it really matter? My opinion meant absolutely nothing. I was trading from my levels only and so far all runner contracts have not hit any longer moves ( Like the 71.25 I was holding for earlier that hasn't hit). It didn't matter my opinion...so do longer term projections or fib lines or high and low volume areas really matter unless we are trading real close to them . I say they don't matter..

Will the 80 - 79 zone hit...? maybe , maybe not. I get real tired of things that have no meaning and there is a ton of it in the trading industry. If someone is holding for 1190 ( And I am only using that as it was mentioned twice today and not pointed at anyone) then were does the stop go when we are only 4.50 points away and sometimes ( not today so don't get paranoid) posters imply they were long from the open or some other lower spot. There is just too much noise to actually use longer term stuff especially for us day traders.

It would be no different then me coming back on and saying "See we did trade back into yesterdays range" ..assuming we do sometime today as i mentioned earlier but that is not usable information but it would have been fun if we did early on trade back.

So I put opinions ( mine included) fibs, projections and longer term MP ideas into the "fun" category...It's fun to be right and have bragging rights but it doesn't usually make us real money.

Another thing I have recently added to my computer sticky notes is "DEFINE THE AREAS AND TRADE THEM".

thanks for reading this rant and please don't let this stop anyone from posting "fun" stuff!
great richard..some days u just have to be the pitbull..hence the title of some of my older threads.....way to go...
Originally posted by della

on bid side there all lined up at 81.50
thanks bruce
all the volume is now at 82.50...The only good trade idea left for me is if they push out the 90 minute high into 87.50 number

My opinion is that the 79 - 80 will be retested...but I still need reasons to act on that opinion.... because the market has created the " P" shape so early on it appears that buyers are slowing down up here...the bell curve would be bounded by the current RTH highs and the low volume at 1180!! I believe the smart money will still be trying to look for sells above the hour highs in general and then use the 82.50 as a magnet.....( 82.50 is the high volume of our developing bell curve)
ES is moving towards 1190 target. Overcoming 1190.00 will target 1200 and we have plenty of time for it, since the time target for 1200 is 10/12 Wednesday. It could hit it before if it wants. Basically today's resistance trend line, now support, is important as the market has show us.
ES now trading 1184.00 @ 11:39 E.T.

Originally posted by sandoxe

Here is the same Friday's 3 minute chart following up for Monday's S/Rs play.
Reviewing the daily chart I found one more resistance line that will be crossing around 1170/1168 on Monday, as seeing in the chart.
Moving above that trend line and testing as support will target the 1190.00 Objective.
I like to borrow some posts from Friday bc the same S/Rs are applicable for Tomorrow's session. (1163/1157/1145/43 and 1129)
____________________________________
sandoxe | 7-Oct-2011 at 9:25 AM
It's important for the ES to close over 1163.00 in a daily basis. if so, next objective is 1190.00. 1190.00 is 09/27 high.
1163 was the S/R objective for yesterday. Now becomes the S/R base to play the out side. Below 1163.00 is 1157.00 also important
to keep in mind.
____________________________________
sandoxe | 7-Oct-2011 at 12:35 PM
Wow. This market is gonna have to work very hard to get out of the negative fractal created today. Lots of zig-zags of 20 or more points to get out of it.
The other way, will be to go down to 1143.00 or 1129.00, gather some momo and back up to break 1170.00, few days in this area.
If 1129 does not hold? --Back to test 1068.00....
JMO.-.-..
____________________________________



The above post mentioned that the market could be making 20 points (+-) swings moving to break 1170.00. -( Actually Friday's high 1173.75).
Notice that in the chart, the ES has made some good moves, close to 20 pts since that post. I hope it maintains that volatility, I love it!

As always, the market has the last word and in due time will show us the way.

I see for you the same I se for my self: Having the best of luck and fun, awesome profitable trading day!

reshorted 84.50..target is 82.50...light as lunch time approaches and they may want to keep it high to attract the retail lunchtime buyers...better shorts sit above as mentioned..this would be more agressive
here is how that bell is shaping up in my world..
Click image for original size
mondaybell
Ditto here. I've seriously tried to understand and distill down what/why/how with your postings over time ... when you were active in the past and also currently. I'm at a loss - even now. It's primarily just numbers posted without any conveyed, understandable rationale for actual learning or trading as a day (or days) unfold.

More significantly, it's so much "if then," where the IF and THEN are not described in a way that fills the space between the prognostications ... and when price does (and also DOESN'T) reach one of the multiple levels posted. In a word, it's "confusing."