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ES Short Term Trading 7-30-10

So the POC is right at 1100 even:

Economic Events for Friday:

08:30 AM GDP
08:30 AM Employment Cost Index
09:45 AM Chicago PMI
09:55 AM Consumer Sentiment
03:00 PM Farm Prices
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trying again from 90.75..long
trying for 92.50 fill in...
Originally posted by BruceM

trying agin from 90.75..long
flat at 91.75
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for me that was a test of the high of the HIGHESt one minute vertical bars volume..that bars high.....we need to get away from that and quickly otherwise I think they will revist 86 and lower today

That was a big BAR!!!
Isn't that quad's at 1094.25?
Originally posted by Lorn

Isn't that quad's at 1094.25?
WOW, INDEED IT IS!.. still going to wimp out early at 1093.00 tho
..(i hope!)
bingo!..out at 1093.00,plus 2.25 there...
You're sharp,Wendy! Actually , i dont normally use fib retracements, just my Kools tools fib extentions. Sometimes, tho at what i feel may be an important high or low, I sometimes look around for any other kind of corraborating evidence to support my theory (like is there support or resistance here?,are any cycles topping or bottoming here,is this a previous high vol zone?,...etc). Probably just a confidence booster. I have never found fib retracements to be tradable. Doesnt mean they arnt, just not for me. In this case i believed the low was important in that i was looking for the daily low to be made here, and possibly for the next few sessions. I was caught a little off guard as if memory serves, i had just logged on 5-10 min before it occurred and really had no time for much study!. That in itself speaks to the power (and confidence i have) in my fib extentions. Hope this helps explain my view and actions a little better.
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