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ES Tuesday 8-13-13


Magnet price for me is still going to be that 89.50.....
resistance points are 92 and then the bigger zone at 94.50 - 95.50


support point is 85.50 - 87....and 81 - 82


I usually don't expect open and drive days two days in a row so I think we will see multiple trades through the open print this morrning


Ideal for me will be to see them push up into the 92 area and then lose steam to revert back to our 89.50...

we'll see...report at 10 today..here is the crude chart
Click image for original size
tuesday
taking the loss at 84.25...I need to see us get back above 85.50 or hit down under 82.75 before looking for a long again
starting at 81.25....targeting up into the 85 number and single prints...but I need this to get above 82.50 to tighten stops.....ruff day even though the magnet hit...market is not behaving as planned
always be more cautious when the market fails at prices you think should hold...like the 85.50 - 87 zone....respect the feedback it gives you


also the inability to get back above that 82.50 is also telling us something so far...we need to get this long working and above that inflection point or we will be wrong again
so far all that volume that came in at 81.50 is not able to drive price up.....Danger !!!...best to try multiple times instead of being stubborn
I need to see price firm up again in the 81 - 82.50 zone before I try one last time in that zone to get long...took loss at 80.75 on last trade..

2 losers so far today...I think they want to retest that 85 but not sure I will find a way to get there


On an IB break down I will look for longs in the ideal 75 - 77.25 zone...but only on a push out of the IB lows
I'd like to see price overcome that 81.50 volume and firm up. ( use that area as support on tests down)...

they are making me work hard today
my long glasses go on when/if we go over 82.50 now....volume is building so they may just be creating a bigger bell curve but i still think they want that 85 retest


post report volume seems to have disappated so we can have a bit more patience on trades now
long on 81.25 ...stops to target sit above 83.25.......only other trade left for me will be to try the long if and only if the break that IB low into the zone already mentioned


still want that 85 test but this bell is still forming down here
that's it for me.....the break of the 83.25 took care of my small losses today and the test into the 85.50 made it a positive day...

hope it goes well for you from here...85.50 - 87 is the zone to watch IMHO
Nice trading Bruce, no one ever said fading was easy. You had a premise and stuck with it.
expecting a 92 retest from up in the 94.50 area