ES Wednesday 8-28-13

here's how I see it so far...hoping to revise a bit as overnight unfolds




and now I need my earl grey tea !!

as I type all the time is being spent at the 28.50 number...which is real close to yesterdays close...so if we put the longs on under the overnight low and yesterdays lows......ideally down near 24 then we have to use the 28.50 as a first target



if the current overnight ranges hold then the magnet price - that 31 is real close to the overnight midpoint....

the more agressive trade will be the opening range trade if they open and push down to fill the gap close first and then try to rally up to our magnet

I'm taking a small long at this 28.50 now but I realize that I may need to be more assertive in the day session and take some heat...the selling may spill over a bit but for now I will try for that midpoint...

often this summer it seems we see some movement in the 15 minutes before the rth opens

good morning
I'm long the 28 target 30.25

INSIGNIFICANT


ESU13...............TRADE DAY: WEDNESDAY, 8/28/2013
GAPS Measured to 4:15pm Settlement

ESU13 Today GAP DOWN was -1.00 points.

GAP FILL = print of 1628.25

Half Gap Fill = print of 1627.75

1/2 EXT DOWN = 1626.75

FULL EXT DOWN = 1626.25

Gap Traders often risk a move of half the gap away from the Open
and still hold Long for the full gap fill.
Half Gap extension (pressuring the LONGS) means watch 1626.75
for signs of SELL STOPS being Hit.

Some Gap Traders will risk FULL gap extension before selling to exit Long.
That means SELL STOPS could be triggered BELOW 1626.25

the shape of the profile in the overnight gives me a bit more ocnfidence that the magnet price will hit this morning..hopefully...I actually like the fact they are trying to push down first...


ideal long zone is the 24 - 26....then use that 28.50 first...if it goes to 24 then use the 26 first...

I'm long 26 in RTH looking for 28.50 again....

taking the 28.50 ...as i also had that crappy overnight trade there.....will try to hold runners for 30.25

flat at 30.25 thanks for your help

going all out at 30.25 print...carefull here....

glad to be of help.....the only error on my part was putting on the 28.50 in the overnight....but most should review the video today and look how well that 24 area played out and that 30 area.....very cool today

Originally posted by marcorusa

flat at 30.25 thanks for your help

Another nice job Bruce

there are currently single prints on the break away from the IB high...I would have liked to see the 35 print at least before thinking about going for the 33 retest ( that is Ib high price)...

we may still get the chance but go easy as we had a great morning and it's ok to be wrong as long as we trade small and don't mind giving up a 1-1.5 points of profits if it doesn't work out..after that i see nothing else !!