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ES Short Term Trading 4/9/10

Thought I'd go ahead and launch the topic/thread for Friday's trading. I'm posting what I'm seeing with Price Action S/R levels on the Daily and also 1-Hour charts. Other price trendlines/chanels also included. Looking forward to the interaction from Thursday's trading and analysis.

Side note: It still seems that no matter what the mkt news is, price keeps rallying (hard and fast), especially when looking at a 30 or 60 min chart on the ES. It's almost cyclical when just eyeing it. I do have 1200 as a significant upside price resistance (don't most folks!?!).

Anyway, here's the goods ... my map for what I'm looking at for trading both the ES and a "map" that aids my stock trading.

Daily ES Chart:

Click image for original size
es daily for 4910
we've been hitting the overnight midpoint a very high percentage of the time in the day session so that 85 - 84 area should be a magnet if we open up above it in the RTH..
today is MATD, don Miller's favorite day.

First resistance is 1192, imo.
First support is 1182.5
Market picks a direction, and I think one of those will be tagged.
Good Feeling!
Click image for original size
added at 86.25 in RTH
initial target is 84.25...the gap...nuff said
caution longs! double topped at 1186.5
let's see if gap fill brings in any buyers....
trying for 81.50 on runners...that's overlap from yesterday
still trying for the 81.50 but not rulingout the 88 test if we get above the opne again
$ticks imporved and YM and ES above overnight lows and YD highs..
Click image for original size
Just wanted to add my 2 cents on this MATD pattern...

What I look for after a trend day is the market to enter a phase of "price acceptance" as the market develops a well defined value area in MP terms.

The key for me is to see the primary intraday moving averages flatten out and price to cross back and forth across the averages right off the open. Basically the market will spend several hours going nowhere. I like to see long full candle bodies on the 5 and 15 minute time frames, color is not important.

The nice thing about the MATD is the two way trading returns to the market, (as opposed to the one sided market on a trend day). This enables the scalpers to make money going both ways, fading the edges of the newly developing value area. IF you can identify where these edges are in advance, you have a significant trading edge and profit opportunity (assuming you know how to buy support and sell resistance). Also, a word of advice, avoid the mistake of initiating new trades in the middle of developing value. Be patient and stick to the edges.
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