ES Wednesday 3-4-2015

Bands for the day. Good luck to all.

and let me add one last thing before I run out....I should NOT have been averaging in today...or really any day....it's much better for me to take the loss and try again....

thanks for the kind words

where the 1st 30 vpoc ?
thnks duck

duck, it was at 90 even. i must have missed posting it in all the bloodbath

Same as yesterday, we bounced exactly off the 50% of yesterday's range below yday low

Was going to post earlier but was occupied with orders. I was a tad more observant this a.m. because y/d low which we took out this a.m. was lower than previous 6 days lows. an obvious place for stops for many other time frame traders. ES found support at the daily 21 period ema.

Es back at y/d lo. and with 5 highiers good place for a short.

great observation Joe. I missed that one for sure..

Originally posted by CharterJoe

Was going to post earlier but was occupied with orders. I was a tad more observant this a.m. because y/d low which we took out this a.m. was lower than previous 6days lows. an obvious place for stops for many other time frame traders. ES found support at the daily 21period ema.

bhmonbey,

How are you calculating this 50% extension of range number?

I calculate 2087.88 as 50% extension of yesterday's range... how is that "exactly" equal to today's Low print of 2085.25?

How are you making your calculation?

its more like a 66% extension. question is, how do you know if it is going to be a 33% ,50%, 66%, 75%, etc extension?

that is precisely what i am trying to do as well... be a momentum trader when the opportunity presents itself and the rest of the time be a fader..... good trading Big Mike.

Originally posted by Big Mike

Just to add more grist to the mill. Today is the type of day that made me change from a fader to a momentum trader. I try to let the market tell me a story (price action).

Earlier I mentioned the EURO IB low as critical. it was critical because once it was broken to the downside, there was very little push to go above it, price just consolidated sideways around and below the Euro low.

This had me leaning short all the way. When the little burp on the opening didn't hold it was time to hop on short. Targets- Y low and beyond on runners.

Different perspective.

Good luck to all.