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ES Friday 6-27-14


a video and the weekly chart..I snapped lines at the critical support point today that needs to hold if bullish seasonals are going to work..
No video below? Try this link: friday.swf







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mpweekly
all the probability traders are thinking about that O/N low now too....I don't want to see this back above 47.25 myself....
a cool battle ....buyers want to close IB above that separation from the distributions....sellers want it below it...not much has changed...even though I have a small short we need to realize that we are still above the open and only had the one close above that distribution LVN area......on "bad" days they will just spend time filling in the area between the two...u donot want to spend too much time in the market...another reason to set up a time period to trade and walk away...know your context...WE are still inside the VA of yesterday !!!!!!!!!!!!!!!!
no more shorts for me....that was second test down......I will try one last trade idea today and then call it a day and that will be to buy new highs if they come and use a stop near 46.75...value is building higher ....this will be small as it would be a breakout trade............then shutting down...
Thanks for all the info, Bruce.
I do not know how you trade and post at the same time...
I'm not saying this will happen but it could...a good breakout may push to 54 area...we have the current weeks high up there are the r1 level is up there..that would push us slight beyond twice this meager 4 point IB range.......obviously if we come out the IB low's then that would change the entire picture....but only small traders seem to be here again.....

value still building higher than YD and we are holding above the pivot and LVN area still ( that separation of the two distributions)...trying to read the clues but some days it tough and the later it gets the more confusing it usually gets for me....too much info is no good....

"the first tests are the best tests"
Up till now we have an inside day: could 1951.50 be the next target?
i have an average in price of 48.50 and I'm only trying for 1950 ledge break.....gheesh.....very unusual that my best trade came in the O/N session so far...stop point now is near 47...so this is an even steven risk to reward...not a great trade at all..
here is how that area looks on vpoc from Thursdays open and drive down and wednesdays trade

Originally posted by Aladdin

Up till now we have an inside day: could 1951.50 be the next target?

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thirtyminute
Thanks Bruce.
Could you please explain what I am looking at in your chart?
yeah, i took taht break as well and i am not liking it one bit...still playing inside that big hvn/bell curev from yest...the pace is awful and we are coming into lunch hour on a friday in the summer...what could be worse? lol

i took the long at the open since we held that 43-44.75 area i mentioned in my post and took a couple of points to 47.75 (i had that 47.75-50 area i mentioned as well)...tried the short there back down to that big lvn and should have called it a day but here i am stuck with this long...i think if they break this 50 they will go for taht 52.5-53.5 area so will hold for that or whenever we trade significantly below the trend line that connects 42.75 and 45



Originally posted by BruceM

i have an average in price of 48.50 and I'm only trying for 1950 ledge break.....gheesh.....very unusual that my best trade came in the O/N session so far...stop point now is near 47...so this is an even steven risk to reward...not a great trade at all..
my last post today is this...u can compare the weekly posted this morning to this current one,,,,,note the poc/vpoc flip lower...so in theory traders agree on lower prices.....we are currently in the key support zone - the black lines at 42.50 - 45.....so do we ping pong between the support zone and the poc at 48.50..? red asterisk is current trade price....it will be fun to see how we end up today.......on Monday I will most likely following the concept of Friday strength or weakness spills over into monday....thanks for all who posted today and gave feedback...

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vpoc flip