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ES 7-19-17


I have very little today...using 61 - 62 as my sell area to test 59.50 and if lucky 56.75...update with video in a bit


edit: this is lame trading and a lame video but gives a few reasons as to my short bias once again
No video below? Try this link: Wednesday.swf









edit 2 : forgot to mention that we will need to possible trade for multiple tpo's at last weeks highs ( which is also the weekly VA high) ESPECIALLY if we close on a 30 minute time period ABOVE last weeks highs
I have a hard stop at 66.75 ...wish I had time to manage and missed an exit at the OR high....( shoulda, woulda, coulda)...I will also hold my options but for now my thrifty nature finds me trying to do a brake job on my wife's car ....never attempted this one before and could get interesting...at least more interesting then the market....this lack of volume has been very frustrating......so in theory I have two more days in order for options to decay and price to return to 61.50....we'll see how this one goes.......in the back of my mind is still the fact that 95 % of the time they will get a weekly floor number...so one sits up at 2475 and one down at 2442.50..Ym is at key upper zone now !!!
Trader Lynda Raschke teaches her students to try and buy the first pullback to zero on $tick indicator when she perceives a strong trend....so buyers would try to step in and make new highs....now if they can't get new highs then often they start bailing out which in turn helps fuel the sell side...that would be good for us sellers....we need Ym to just sell off after hitting it's R1 level up here..........may have to stay a bit longer to manage instead of taking the hard stop...damn...really want this to be over.......working too hard lately
Originally posted by Padmaja

what is raschke buyers when u have time thanks
thanks a lot
this is one of those days where I am glad it's over....took losses at 65.75 today....keeping options on though...feels good to be done...if price returns to 63.50 then I have alert set and hopefully one of my family members will hear it to let me know...Then if I can I will try ES shorts again
although not perfect you can see how we defined the 61 - 62 as a key area and price came back to test it and made a swing low at 62.25....( close enough I guess)...but the concept is what is most important...."If we don't get a reaction at one of our zones and they go through the zone then the market should come back to test the zone that was blown through....." Now all we really need is an "Official" test of that 61.25 swing high of last week before this week ends........so I'm currently using my options to trade for that....
one last thing...vwap and sd players will be looking to sell these new highs and target the 64.50 center line....very balanced volume today....maybe we should too...hate to get sucked back in......
here is the last thing I did for today...I also sold longer term calls as mentioned but these are very short term
Click image for original size
calls