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ES Wed 8-8-12


I have a low volume area at 91 and that gap in the data at 92.75 so my plan is to be a buyer down here in the 91 area in O/N .

Other key is 87 and then 83 - 84...then I like 78 but the big area support is the 73 - 75 area mentioned in mondays thread

above we have 96 - 98 as a key area from yesterday
biggest volume spike of the O/N session happened right at 92.75 so somebody is watching that!
we are bouncing against the low volume area shown in the link below (weekly chart)...yesterday's low just happens to be there as well, so thus far we have failed to get back into yest range...even if we do we still would have to contend with the val at 97.25...a break of that could take all the way to the low volume above, which coincides with the vah...below current level s u see the low volume bruce mentioned in the 91ish area, with 83-84.5 being the one that stands out from the upper part of last week's profile (lower left profile)

hope it helps

http://www.sierrachart.com/userimages/upload_2/134443425167.png
NICKP,
thanks for the chart.

RE that chart.

I need a point of clarity here.

The upper half of the picture posted, the right portion of the picture contains this week as it develops (I assume)

But the blue lines, they are VAL and VAH for this week?

But are they Volume based or MP based?

thx
yes, developing week

blue lines are value area lines, based on time, but i don't pay much attention to them as they are sometimes a bit off...i tend to look more at daily value area lines, and only look at the weekly ones once the week is over

Originally posted by PAUL9

NICKP,
thanks for the chart.

RE that chart.

I need a point of clarity here.

The upper half of the picture posted, the right portion of the picture contains this week as it develops (I assume)

But the blue lines, they are VAL and VAH for this week?

But are they Volume based or MP based?

thx
so basically, thus far this week we have two distributions, one for monday and one for tues united by that low volume area in the 95.5-96.5 area which is the result of mon highs intersecting tues lows...we have failed to get into the upper distribution if u will, which is bearish in my mind


Originally posted by NickP

we are bouncing against the low volume area shown in the link below (weekly chart)...yesterday's low just happens to be there as well, so thus far we have failed to get back into yest range...even if we do we still would have to contend with the val at 97.25...a break of that could take all the way to the low volume above, which coincides with the vah...below current level s u see the low volume bruce mentioned in the 91ish area, with 83-84.5 being the one that stands out from the upper part of last week's profile (lower left profile)

hope it helps

http://www.sierrachart.com/userimages/upload_2/134443425167.png
I had a private request for some info on the gap in the data...here is a picture...look at the gap just above the 1392.53 line..somebody pushed down away from there....look at lower volume histogram

this is from the one minute chart , RTH only from Mondays session
Click image for original size
gapindata
we are hitting up against this inflection point again right now !! it's a lVN developing there too
they did this same thing yesterday...they tested the LVN that was developing and then ran it up to break the hour highs...not sure if they will break the hour high again but they are trying...

I myself am waiting as I am conflicted because the ONLY volume node so far today is at 92.75 ...without new big volume coming in they should go back down to test that as a magnet and run out that ledge that has formed too..so I am looking for shorts on this pop up now
I wonder if those stops sitting above the hour highs are just too obvious...that's 8 one minute bars with the same high
I'd like to see 7200 volume on one minute to think about the fade up here...that would be new volume to me....as I type we just had over 10,000 so that is a good indication that we can start looking for fades against this up move....

97.50- 98.25 now becomes second volume node area of the day ...so we can work with that...
cool Brent..nice to know folks still come around here