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ES Tues 8-7-12


areas that might be interesting today

above

98-400, 402.75-404.25, 407.5, 409.5

below 95-95.75, 91.25-92.75, 87-88, 83.25-84.5, 78-80.5, 75

good luck
new revised- revised plan is to add slightly below the 50% mark and the LVN at 98.25 and take the loss at 96.25 if it prints...

damn this is tuff trade for me !
A picture's worth a thousand words?

Hey, Here's a picture.

See the sideways '=' signs in the chart below.
they represent the price level needed to fill the gaps down.

gaps down based on Close. If today's H is LESS THAN yesterday's Close, then it would take a move up to yesterday's close to close the gap.

Those magenta '=' signs stop printing when price has matched or exceeded the Close that represented the open gap.

See red arrows point in the general area of the gap fills. It is purely price that satisfies the formula. those magenta equal signs continue on the chart until the gap is filled (in this case, a down gap, the gap has to fill from BELOW)

The last 4 downtrends (see blue lines) all started AFTER the gaps down were filled(see how the magenta '=' signs stopped printing).

Down Gap fills don't always herald a short-term slide, but they certainly have over the last 2 months, so, I'm just being patient (unfrustrated, too)


Click image for original size
screenhunter02 aug 07 10 52
Bruce first time i see u on go with type of trades trades...so that is new
yes Nick..I believe I am impatient because of my vacation last week....so a trading weakness.....so I am not taking the best trades but also I think there is limited opportunity..


I took the loss at 1398 and am not adding here......$ticks in a down channel...so will look for shorts soon I hope
great chart Paul !!
agree, very limited opportunity..summer trading at its worst right now

Originally posted by BruceM

yes Nick..I believe I am impatient because of my vacation last week....so a trading weakness.....so I am not taking the best trades but also I think there is limited opportunity..


I took the loss at 1398 and am not adding here......$ticks in a down channel...so will look for shorts soon I hope
look at that volume that came into 98 again...
Monday fibs came in also.

.618 extension of Monday's range was 1399.50,
if printed, odds are 8 in 10 that full extension prints.
full extension (Monday's range added to Monday's H) was 1402.00
sold the 1402.25 looking for air fill at 1400.50.....my better plan is to sell 1405 to come back to target 1402...this 1402 is now second biggest volume of the day.....


two biggest areas are now the 1402 and the 1398 as per volume !!


I am way off today so far....just bad trading..no excuses!!
when they trend it they keep pushing it 3 - 4 points off the volume spikes..the billion dollar questions are "which way are they gonna push and is this a trend ?? "

so I know that if these 1402 volume traders are buying then they will push it towards the 1405 - 1406 area and if us sellers are to win they will ultimately push it back towards that 1398 but we want to make sure we take something off in front of any LVn's or a big number like 1400...............
92.75 is that gap...keep it in mind for the future