Good Morning Traders !
VAH 930.50
POC 925.50
VAL 922.00
Weekly R1: 954.50
Weekly PP: 904.00
Daily R2: 944.00
Daily R1: 935.75
Daily PP: 926.00
Highest High in last 20 trading days: 934.25
I will be watching what happens at R1 with great interest this morning ! Also watch the IB high for indications of a trend day if price is accepted above R1.
ES Daily Notes 5 Jan 2009
VO
VOwater
Rep: 133
Posts: 4,121
i will hang out and hope for 22 but really want 17-18 where we would have an uber bullish pattern...just wishful hoping
BR
BruceM
Rep: 216,211
Posts: 19,895
for those not mixed up in the world of market profile...a ledge will have matching 30 minute lows or highs inside the days range.....not called a ledge usually when the matching 30 minute low or high falls on the days highs or lows....
PT
pt_emini
Rep: 5,707
Posts: 1,940
quote:
Originally posted by BruceM
what do most use to see the "wall of sellers/buyers" etc....? I never could get Bid /ask , time and sales stuff....anyone have anything that works at their predfined zones? Any help is appreciatedquote:
Originally posted by PDQ
There's a pile of shorts at 940.....
I watch for certain repeating patterns at key price levels. 940 was an obvious example of which. The point being, you need a reason to stare at the DOM or T&S... 90% of the time I ignore them. If price is at a key price level, then I watch DOM / T&S closely to see how the market is acting per my expectations.
T&S is more of a confirming indicator for me. I use color to tell me what is happening. Light Green is a trade at the Offer, Light Red at the Bid, dark green above the offer, dark red below the bid. Next, I filter the T&S at 10 and set my block indicator to 50. I am watching 3 groups of traders. First I watch the medium size traders between 10 and 50 lots which tends to act as a flow of orders in the direction of the immediate trend. Second group are the blocks above 50 needed to sustain a price move, and finally I am watching for the big blocks above 200 which tend to kick newly forming trends into hyper-drive.
If you stare at this stuff long enough, and have a good feel for all these little S/R levels, then eventually it will start to make sense. It takes time to develop a reliable feel however.
MY
myptofvu
Rep: 2,018
Posts: 666
hmmm this is a poser...don't think there gonna wanna end the day here, but which way they gonna go?
BR
BruceM
Rep: 216,211
Posts: 19,895
thanks PT....I guess that would be a tough thing to teach as it changes so fast to get screen shots etc......That is a great way to confirm trades I would imagine once you get the hang of it.....You had that wall of sellers at 903 a few weeks back which was awesome as that was a key zone ..thanks for the explaination
quote:
Originally posted by pt_emini
quote:
Originally posted by BruceM
what do most use to see the "wall of sellers/buyers" etc....? I never could get Bid /ask , time and sales stuff....anyone have anything that works at their predfined zones? Any help is appreciatedquote:
Originally posted by PDQ
There's a pile of shorts at 940.....
I watch for certain repeating patterns at key price levels. 940 was an obvious example of which. The point being, you need a reason to stare at the DOM or T&S... 90% of the time I ignore them. If price is at a key price level, then I watch DOM / T&S closely to see how the market is acting per my expectations.
T&S is more of a confirming indicator for me. I use color to tell me what is happening. Light Green is a trade at the Offer, Light Red at the Bid, dark green above the offer, dark red below the bid. Next, I filter the T&S at 10 and set my block indicator to 50. I am watching 3 groups of traders. First I watch the medium size traders between 10 and 50 lots which tends to act as a flow of orders in the direction of the immediate trend. Second group are the blocks above 50 needed to sustain a price move, and finally I am watching for the big blocks above 200 which tend to kick newly forming trends into hyper-drive.
If you stare at this stuff long enough, and have a good feel for all these little S/R levels, then eventually it will start to make sense. It takes time to develop a reliable feel however.