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ES Wednesday 10-05-16


ON inventory is fairly balanced. If anything, it might be a little short even though we are currently above YD's close. There were almost 3 volume bells to YD's profile as can be seen in the picture with 42.5, 48.75 and 56 being the centers of those bells. We are currently trading around the center of the middle bell so I am going to be cautious at the open. Key LVN is at 45.5 which is also a couple of tics from the O/N mid. Also the current price is this week's VWAP so it is almost a coin toss on the direction for me at this time.


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dailyvolrth
Hi NewKid. You said "Key LVN is at 45.5." Could you explain the significance of a LVN? What do we do with an LVN?

Best Regards,
Simon
i have key zone a 46.50 - 48.50....just not sure what do do with it......I think my plan will be to look for shorts above 49 and also at 52 - 53.....those are just swings from yesterday but it will have to pushed out the overnight high to get to those.... keeping in mind that we are back above last weeks poc of time.....so we see the gap and go up....

the overnight high has split the pivot point and R1 level for today so far.....falls right in between those.......so that 51 splits the 46 area and the 56 area
Here is a look at the weekly profile. We can see that the current week is inside last week's range as of today and that last week was inside the prior week's range. We are coiling. Look out for breaks.
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weeklyprofile
LVN = Low Volume Node
This means that market moved away from that price quickly and so the next we revisit it, it is highly likely to be treated as support/resistance at least for a very brief period of time

Originally posted by Simonig

Hi NewKid. You said "Key LVN is at 45.5." Could you explain the significance of a LVN? What do we do with an LVN?

Best Regards,
Simon
economic reports due at 9 45 and 10 am EST
taking a stab at the short by fading ONH and shooting for PP/ON mid
not looking too good so far. looks like they are gunning for R1 instead.
I'm long off 52 now and will use that as my reversal to short point.......time building out above the O/N high
going flat at 53.25....bad feel up here and making up for small first loss...I missed low volume area at 54 too...so may look for another short if we can get below 52 again...tricky
selling 54 now...I realize that r1 is close buy
out at target.......last will go for the R1 or will be stopped at 52.50 and my day is done......whew....glad it's over.....