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ES Thursday 19/Jan/2012


My apologies if I stepped on someone's thread starting turf....

Everyone's not only watching the ascending triangle, but the obvious tl's as well.

Can anyone provide MP notes on obvious stops above the tl on a breakout?

Glad you opened the day's topic. Knowing the different approaches from the history of the daily ES thread, anyone can dive in with their posts ... and, of course, start it as well.
Clearly a counter trend trade, but I have a standing buy stop order in at 1.2885. Why? Because all resistance disappears at that number on both a 60 and 240m chart. Its also above the 100 ma which I dont often use, but this pair seems to respect that average a lot on both hourly,240 and other time frames. So lets go with the flow I say. I will give you another good reason. Because it is so close to the bottom of the chart on a daily, if this turns out to be a change of trend, the payoff can be enormous. 1000 pips or more. Easy before any meaningful correction. But lets see if we can squeeze 150-200 pips out for now.
Daytrade50 - this is a chart of the ES that G Runt has posted and you are mentioning pips....any and all markets are certainly welcome on the board but this is an ES thread and perhaps your comments would be better off in it's own thread with a chart so we can follow what you are talking about...that would be cool........and educational

thanks and welcome to the forum
Grunt...I don't think MP is very good at providing hard core stops as it deals with the structure of the markets and seems to work better when we can snap horizontal lines. You are smart in using other methods outside Mp as MP isn't the holy grail of trading either. With that said we have been creating value for the last three weeks at successive higher levels.

Last week it was 84 - 86 as peak volume, the week before it was 75 - 76 and this week it is the 95 area so far.

I am watching the opens of june and the cluster of value at the 1322 - 1325 area as a critical spot they will need to bust through. We must also take note that there seems to be little fear in the market as measured by low VIX levels. We could have one or two days wipe out Months worth of buying on a drop with such small ranges.

Sorry I have no great input and that's why I day trade. Thanks for kicking things off.
Keys for me coming into today

1312.50 - 1315 ****

1308

1302.75

1297.50 - 1299 ****

1292.50


lets see what the reports bring in a few minutes
revising zones:

Buy zone is 02.75 - 04.75....sell zone is above that 08 and O/N high...lets see where we open and what the pitbull gives us today;;Ideal would be to see a first push up to sell into and come back to target 1204.75 !!
Keep in mind that today, price may well have MATD characteristics!
gotta be careful as they didn't leave much room for a 1.5 point target between the opening print and the O/N high if that standard buy comes ala pitbull
4 higher highs is a filter..carful if you try that breakout buy of open print...more later
which higher highs Bruce?
correct..in a down trend you basically want to see a lower high or and equal high with a lower low...in and uptrend you want to see an higher low or a equal low with a higher high



you got it...we can also think of pure time...so they will push for 15- 20 minutes in one direction but then need to take a break....that break leads to reversals or just a pause before pushing further in the same direction...as usualy we can see what happens when the pushes end up at key areas...this shows the smart money is buying or selling ahead of a number and exiting when the number hits