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ES Wednesday 2-1-12


A quick video of the numbers I'm using for today....and the reasons for them

No video below? Try this link: numbers2.swf






calling all volume profilers,

Question,
have you ever looked specifically at overnight into RTH Volume at price when there is a pattern like today's

that is, a P shape.

Has anyone looked at gap openings that have generated a profile like today's and
1) Gap open is higher than R1
2) POC of the overnight is right about at the R1 (RTH only R1) generated by yesterday's data = 1316.25.
3) test of that POC of volume (from above) generates a bounce?

I ask because I remember (when I used to have volume profile) seeing a day similar to today (so far), and if I recall correctly, that test of volume POC (generated in overnight) attracted buyers when tested in the RTH. When that happens is that some sort of a confirmation that bulls are in control.

I know Bruce likes to see the LVNs and they work for what they are, but this question is in regard to these specific conditions
P shaped VP in overnight
POC Above or at R1
test of R1 (which is also in the vicinity of the POC of VP) is bought.
monday's rth low: 296

monday's rth high: 310

range: 14

using paul's methodology abt monday's range extension we get:

61.8% of mon range: 8.65

mon high + 61.8% range : 318.6 (which hit early this morning)

mon high + 100% range: 324 (which just hit)

all credit to paul, for coming up with this and for showing up on the thread so that i could remember abt it.
trying small agressive shorts at 25 now....up into 27.50 too if needed
1325.75 is 88% retest of last move. Big spot to watch here.
any shorts are using 22.75 as a target....
Sounds about right..from a totally different perspective(non-profile)
lower channnel on a smaller time frame chart comes in at about 22.50..only problem is top of channel on next time frame up is 29.75..not that far away...still sideways to up in an up channel for the last 10 hours..how long can it go? Still more inclined to buy dips than sell rallies...
I have a bell curve and volume node at 27.50...weekly r1 is 27.50 too...chart later
I have a fib price projection referring as 27.50 as resistance area. I believe is very strong since the percentage is the .4236%.
it is obvious that they want 1329 es, 2500 nq today
that was the first lower low in the 30m chart after 5 consecutive higher lows/higher highs
welcome to the forum and thanks for the good words!!!
Originally posted by sharks57

Bruce,
First time responder to the site, have followed you on this site for some time. Your videos recently are extremely helpful. Took a long with you today after several stop outs prior, looking forward to your views and those of others. Been trading for a year or so but not profitable YET. Took an mentoring program with Andrew Menaker to help with not pulling the trigger, got past that now trying to use my charts to better understand the markets. Again, thanks for your insight.

sharks57