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!

Bruce, I totally agree with you. IF a "primary move", say long, is strong, the resistance is often taken out. I find it most difficult to fade a "primary move". There are lots of conflicting signals at "significant levels". I do much better trading with the "primary move". So the best I can do is to wait for "enemy" to make mistake at significant levels

For me, the best trades are "enemy failure" trades in the direction of the primary move

just ran by by the LV 85.75 its like no body THERE

probably news from the Eurozone

There we go - "no" to Greek tragedy
(Reuters) - Greece will not default although its debts are likely to be reprogrammed, European Central Bank Governing Council member Marko Kranjec said in an interview on TV Slovenia on Monday, adding that the euro will survive.

I think if you look at Lisa's chart on page 3 it really puts things in perspective...The inability to get back under the low volume of that 9-27 day was /is a good clues as to what was trying to happen all day...this doesn't mean we can't have other targets and it certainly would have been difficult to ride that news ( except for the paper traders) up . The key is that the market was unable to get back below the 9-27 low volume area as per Lisas chart...price held above there after the first 30 minutes of trade....then they came back for the last test and on our way filled in our 79 - 80...

true resistance becoming support based on Volume distributions...always easier to see after the move but some of the signs were there today

Della that is why I don't initiate at low volume created during the current day.....always better touse those for targets IMHO

thanks for your comments Bruce. Today and every day

Thanks guys for all your help now im in 6th grade everyday is a learning day

Bruce are you saying enter from past days exit on today as target if its given??

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."