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ES Thursday 7-18-13


The magnet for me today is 76.50...hopefully that won't be too obvious...I will also be watching to see where the overnight midpoint falls today and use whichever is closest as a first target.

another gap today so gap rules will apply...watch to see

1) the 50 % mark of the gap and

2) the midpoint of the gap ADDED to the open

3) the full gap added to the open

both #2 and 3 above may be additional inflection points for shorts


any sells above the number of 78.75 will need to watch that as a first hurdle...that is the selling tail transition point ffrom yesterday and just may be support !!


my biggest concern is that we have had only 14 points of range this week and that should expand....so expecting the market to consolidate forever is foolish... I am more paranoid today of a possible trend higher. For that reason i will be using price action and multiple entries ...I am putting the summer swing trader glasses away this morning and will be more proactive...

lots of reports and speakers...

a lower risk trader will want to look for sells inside the selling tail of yesterday but make sure you get out if / when we break yesterdays highs...we don't want to get caught in a trend higher IF it happens to come today
that gap in the data is at 83.00 - 83.25...I really hate those as targets especially in low volume trade....like summer...the thing that I do like about it is that it is right at the 50% mark of the day


so some confluence there
very tricky while they are forming the "P" profile....I think they are strugglinbg to go higher and have my sight on that 83 target...who's to say they won't keep draging it back and forth through that 86.25 volume....?

I think it is best to trade lighter up in here and keep a wider stop


your mileage may vary !!
those gaps in the data can be torture so I am trying to target 33.75...I don't want to suffer even more...this summer trade can lead to a slow blead
that's it for me today...they made us work a lot harder today but it paid off to be patient...this is gap fill and 50% ...i have nothing else