ES-09-24-08

Squeezed off one trade only , on globex. Bought mov. avg. minus 10 support at 1189.75, and covered 2 min. later at 1192.75...plus 3 .Yesterdays action was normal so far,but....THERE IS NO WAY I WANT TO SEE THIS MARKET GO BELOW 1153.Other than that, i would expect more up and down but basically sideways action untill it becomes clear that congress is going to pass Hank and Bens bailout plan.

short 1189.50, 2 point stop(one only)

1191.50 next overhead resistance imo

Bruce - the only singles I had from yesterday were from 1185.5-86.75 and we filled those. We now have singles from the B period between 1182.25-84.25 today. I also have singles from the 23rd from 1241.5-50.25 (next closest) so the singles landscape is really thin.

true but see the 1 min cycle? 5 bars plus one tops 11:30 very 1st one min bar says 1189 and all the reasons i laid out above lead me to pull the trigger. my stop was too tight and hit tho, now up 8 for the day... sigh

today appears to be lightest volume thus far on /es for the week
low volume near the 1180's before the abyss leads me to expect for Thursday & Friday to be steady uptrends

also maybe the MP folk can chime in, but isn't it customary to see a small range bound day right before a big range extension day?

I agree, upside bias into mon. (daily chart) Man the short i attempted would have been killer with a better entry price!

one min cycle low due around 12:09 or so. if were near my 1175-1177 range ill be jumping in.

selling 1187 area

today just looks so range bound, we could stay between 80/95 all day,
failure to break the ib on big volume, also the poc for the day is right in the middle of day's range at sitting 88

short one at 1187.50,3 point stop... i know im really chasing here but the profit potential is just so good. riskey tho!

Hi Gio,

I'm not sure if I ever posted an official thread on this type of trade but I'll look around. I know I've been rambling about it in posts for almost two years here so there must be something I put together...


Here is the basic concept for me :

I'm looking at volume and $ tick extremes...preferably in the first 90 minutes.....a volume spike is more important to me than the $tick but prefer to see the extremes together.....that usually means over 800 on the $tick on the high side and minus 600 - 700 on the downside

I'm looking for the extremes to hit on the volume into a key number....I want to know if the volume is attracting more of the same...or if capitulation has just happened...even if on a short term basis...

This makes good technical sense because we have the following:

1) a key number where many are watching
2) a spike in volume to show that people are interested at the key level mentioned in bullet #1
3) a $ tick extreme for more evidence that an extreme may be in

As you know I'm a fader so I'm watching to see if the volume is being accepted or rejected......when you think about it this happens at all prices...they will be

a) Rejected fast and the market will retrace
b) Accepted fast and the market keeps going
c) accepted or rejected slowly

These volume spikes become magnest for the current session and future sessions...the idea being that if the price was attractive to give a volume spike then some big players where there to creat the volume spike....

I watch the one minute for these......

As I'm typing we have a volume spike at the 1200 - 1204. area today...and we are testing it after we rejected it earlier...

If you are watching these outside of the 90 minutes and the "Window " strategy...see the pitbull threads for that then you need to fiqure out if they will reject it there or accept it...look at yesterdays 1212 number...the general theory states that the more time is spent at the number then the more participants are ok with it and aren't repositioning off it as fast as they did before....



Ok..this is a start......

this is for the ES and the one minute is only used to see the spike...