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ES Wednesday 8-30-17


A primer, how I set up my areas and my final solution to my SD bands.....and why we need to watch 2444- 2445 today........I will be adding a second video
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vid 2
with more ramble
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a hard copy of the lines I feel are most important....especially that 44 area...that is critical today...I'd like to see that area fail and go down to daily pivot today
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tweekly
I added a hard copy of key lines for today....and if for some reason we make it up to 54 - 55 area then look for fades as long as we don't see high ticks and high volume on any breakout from there
the fact that we stopped right at the overnight low gives us a clue as to who is in the market...if we believe Dalton ( and in this case I do ) then we can assume it is just us small players because a big player wouldn't care about an overnight low....at least they wouldn't care enough to stop it EXACTLY at that low....so we need to be mindful of much two sided trade this morning and I'm not counting on that low to hold...any trade off the 47 - yesterdays highs ( that zone)would try to target the open and our 44 - 45 zone again
once again it seems everyone may be watching and waiting for 10;30 Crude oil report.......all I want is a retest of 45 ! I'm in from 47.25 and will add at 48.50.....
Currently 2 back-to back poor day highs: low odds this will hold
best for most to wait until after that 10 :30 report unless you had the longside from lower prices earlier and are holding runners...yes, aladdin ..yd has a poor high and now we have a poor low since it matches overnight...probably both will get cleaned up today
with overnight midpoint at YD's highs it sure seems like a given...I'm keeping my short bias though and will add higher if needed
Originally posted by BruceM

best for most to wait until after that 10 :30 report unless you had the longside from lower prices earlier and are holding runners...yes, aladdin ..yd has a poor high and now we have a poor low since it matches overnight...probably both will get cleaned up today

Bruce, current day low is a weak low.
due to add on revising target to 46.25 ...that is almost half back , current va low and will almost break one time framing area
I took the loss at 49.50 and am looking again at 51.50 and higher......target is Ib breakout to try and make good on losing trade.....sold my calls a few minutes ago
saving ammo if I see that 53 print
pulled the plug one tic in front of that R1 retest...leaving two runners on and retest of 58.50 will stop these out.......would need a big sell off ( and be able to hold - which are both doubtful) to make this day positive......but at least I got one good trade today....LOL....went 1 for 5 ....selling now would be nice as my sold options could use a boost to take back some losses...will go for 52.75 on one runner and leave the other for who knows where ??? I don't know....