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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
Here is something to close out the week with. From Dr. Steenbarger.

Six Questions Worth Asking at the End of the Trading Day

* What opportunities did I miss and what could have alerted me to those opportunities?

* When I took heat on trades, what could I have done to enter at better prices?

* Was the level of risk that I took in trades commensurate with my conviction in the trade ideas?

* What were the themes and markets driving prices today that I should be alert for tomorrow?

* What are the themes, economic reports, and markets that might drive prices overnight that I should be alert for in the morning?

* What kind of trades are making me money? Where am I losing my money? What can I do about that?
Originally posted by BruceM

nice trade Blue!!

thanks Bruce
Originally posted by koolblue

oh yeah, Bruce.. honestly this is where it gets dicey.. i fully expected a .382 retrace and even figured this morn that a .618 was possible today ,but its getting late in the session ,and as i had hopes for an up close today,possible near my 1104.50 projection, i definitly dont want to see this low get taken out!... really it bothers me that this decline took so long. Remember, we dont want an early high(1101.25) and late low as that would be bearish going into Monday!

Hey KB,

Always appreciate your posts, they are amazing. This post is the first time that you mention (or at least that I have seen) retracements. Do you always include these fibs in your calculations? Would you mind sharing with me how you set these up along with your own koolblue projections.

I really look forward to your posts. They are great!


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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