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ES Friday 7-18-2014


With a double distribution yesterday and O/N trade below the 1959.50, short could be the path of least resistance.
But with RTH trade monkeying around that 1959.50, long is starting to look like the way the go.

These are my thoughts for now...
Aladdin:

Here's some data that might help with you open drive issue. Since June 1 (this summer) the size of the move to the 1st test of the day looks like this:

1.75+/-.5 32%
3+/-.5 35%
4.25+/-.5 12%
5.5+/-.5 6%
6.75+/-.5 6%
9+/-.75 6%
15+/-.5 3%

I define the first test as the point at which it retraces 2.5 pts.

Queen...for me an open drive is any move of 4 or more, although I think we might want to use a higher number in the non-summer months.
Thanks ackwired.

I hope they can push it to 1970.50 soon.
This one-time framing is helping.
What is one-time framing?
this 30 min bar low does not take out previous 30 min bar low,
previous 30 min bar low does not take out previous 30 min bar low,
previous 30 min bar low does not take out previous 30 min bar low,
previous 30 min bar low does not take out previous 30 min bar low,
previous 30 min bar low does not take out previous 30 min bar low,
and so on...
Looks like a way to set a trailing stop. Is that the idea?
I think it could be used in that way, but I have no experience with this.
Maybe someone else knows more about this?
TradeQueen,
Long time no see.

open drive is a market profile term
I believe the following link is open to all,
It is a link to Dalton's Glossary, you can look up many market profile terms here.

http://www.jdaltontrading.com/glossary/

Big Thanks Paul! I check in from time to time. I like to see what's going on. Got a little doh back in the account, but still... if I was as good as I think I am... I be a gazzillionar by now. But I'm doing a little better that before. Although... today kinda kicked me in the a$$. uh.. Thanks again for the link. :-)

@ackwired.... just off the cuff... your trail stop suggestion is brilliant! I will want to test that in the future. Happy Trading everyone.
Thanks everyone for your input and posts.
Try to stay away from that moonshine and maybe then you'll have a great weekend!
Thx Queen. Let us know how it works out!
ES _F 71.50 target acquired