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ES Wednesday 1-25-12


Not the main chart I'm trading from but it shows the levels good enough....this week has all the volume so far at the 08 - 1310.75 so I prefer to look for buys near or under 1305.50 and sells near or above 1313.50...

I'm assuming that this magnet will stay in place so the basic idea is to fade moves away from the center once volume dries up and ultimately target that center

Initiating right in the key magnet zone is higher risk and it is best to trade at the extremes

Reports at 10....
Click image for original size
devvwap
vwap at 05....they need to get above and hold above there soon
that is a poor low if u ask me
took one off at 06.25..that was third higher high....holding only one now for the OR low..revising final target to 07..
that was 5 higher highs..see how we can use the segment count for exits...if we know they like to drive the market in 15 - 25 minute "segments" on average then it would be higher risk to expect MORE higher highs to come without a pause first.....especially since we were back inside the opening range and we know that big volume zone sits right there as a magnet
that's 4 lower lows into vwap and peak volume node..don't think they will just run it down to lows here without a break
sorry that was 3 lower lows.....
my pitbull mentor would have bought 05.5 again as the window doesn't close until 11 a.m or we go 2.5 points above and below the open by 2.5 points

If you look at this as a "w" pattern then that push down from 07.50 was the thrid leg of the "w" so he would expect the next leg to be up....he'd be right today!!
the total put call ratio was at the lowest level in almost a year yesterday...based on that and a few other things I'm starting to think that the smart money is beginning to sell out of this rally now. we still can't deny that buyers are coming in on the breaks though...

what we really need to see is a stopping price and at least some consolidation first.

On a weekly chart the segment count is on bar 6...a bit extreme..on a monthly it is on bar 3 ...time for some profit taking soon I think ...
Forums are a funny place. I've met lots of great people through them. Sometimes we have personality conflicts and things don't go so well.

Just three months ago I was communicating with a few members in private emails but once I posted my thoughts on fib trading they stopped writing or returning emails. They ran away from the forum.

At least two of these people came across as very religeous people. Personally I'm not very religeous but I believe in a higher power so I consider myself a spiritual person.

Now I don't mind getting " blown off" , it happens and it's part of life. What I take issue with is how these deeply religious people justify their actions when they conflict with their beliefs.

I would expect some honesty and if any of my online "friends" have a problem with my views then they should at least tell me.

believe it or not I try not to take forum life too serious. This isn't the BruceM forum...it's for all...so this is my last attempt to "reach " them as emails aren't getting through.

I'd like to see the forum get back to having many different views and ideas. perhaps it's just the reduced volatility ....

so ends todays bitch and moan session....

another great thing about forums is that it's much cheaper than a therapist!!!

When people ask you if you have to be "crazy" to day trade, the answer is - "yes" - you do !!!
I guess my last post is really my way of saying that I am disappointed
Agreed Bruce, just wanted to make sure I hadn't missed anything along the way!