ES discussion, week of 8/31/09-9/4/09

foldback end of day
see how trendline from high hit low (14:45) at lower //right at time when downleg of morning (9:35-10:24)began to foldback creating the end of day rally

And here we sit, now almost 23 points off that low, and the area and major line convergence held. Recall I said I'd be surprised if it didn't bounce it. Very, very cool.

Keep an eye out right here, in case, I have a key line and some thingsa hitting here. Let's see if that checks it back a little or not. Clue time.

Sure did stop it dead. Watch the price action and structure here.

You see it?

In my opinion, it couldn't have been more clear, more obvious, or more perfect KT trading. My one-on-one students should know what I am watching here, with that last move.

Be very careful with the possible >100% IB clue. Recall one of my two techniques using the IB.

quote:

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Originally posted by jimkane

You see it?

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I shouldn't even answer this. No one else has, and if you don't see it, my telling you isn't helping you. It set up a 4PT/flat right at the key area, and off it went, up and over.

I guess everyone is on vacation but me...

No, iam here, listen to your words and watching my charts. All that chop around the psycho 1000 and
the long weekend in sight I feel more comfortable to stay aside and just watch.

All I hear these days is "The markets will gain back its strength after Labor Day."
Okay, lets wait and see.

Do you use anything else from the MP Methodology for your trading? Yesterdays POC or Value Areas?
Volume Nodes and/or other Key Reference Areas?

From MP I watch the POC, VAH, and VAL, and all previous virgin POC's, but only in the 'context' of them fitting in with the methodology.

Did you see that ABCD at a .300/.382 overlap and key set line that this started up off of just now? I have to wonder if it's done all it can today, though. We'll see. My plan is to stay long side bias until it clearly says otherwise. That may be in here, or it may not be.