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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






scaling out at 24.....trying to hold 3 runners with stop shipped in at at 26.50
revising final target only to 23...
23.75 is bottom of lower channel on short time frame..taking a long here looking to go back to 27.50...channel should be reliable until a close below something around 21.50..we could still use a bit more range and probabilities should favor moving out the highs to a new high....
here is a closeup of the upper bell curve I mentioned in this mornings video..note the bell curve..it also explains why I was covering at that 24 spot and why I initiated up above the 25 level..I don't snap lines on my charts too often..they are only on there for the video..this is also my IRT charts fed with IB data...


reason these are all high risk is because we already filled in that lower volume node at 21.75 - 24.25....so they seem to have accepted that..at least so far..these were aggressive fades IMHO

No video below? Try this link: scaling_out.swf








man, can I babble!!
almost seems that the yearly high is too obvious...
YES..... if everybody is expecting something to happen....it rarely happens! (until it does....)
flat at 1323.75..risk reward outta whack for that... a good aggressive fade but not gonna get too greedy.....cool how they are trying to fill that LV area in from the video..
who is your data feed.....? one tick made a difference to those taking mechanical entries and would have hit 1.5 point target
Originally posted by bkay59

Correction sold the 18.25 open print
I having this one run until 22.50.
Click image for original size
es 03 12 30 min 212012
...LONGER TERM:..the rebound time wise was due to end around jan 23rd-24th timeframe. It appears to have peaked (temporarily) around jan 26th about 1329 (which indicates much higher prices coming later). This should be a wave 4 correction lasting approx. 1 week (which is around now) and achieve a price proj of 1296.50 (the 1.618 daily proj 1329.75 to 1309.25). Since 1296 was hit 2 days ago, that may have been the low. Otherwise the next target would be around 1280 cash or 1276 futures (the 2.618 daily proj).At any rate after the seasonals improve later this month, the market should achieve new rally highs before a much larger correction is due.

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