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ES Short Term Trading 9-1-10

Have a daily and 30min chart with price action S/R levels on both ... Red = potentially significant ... Magenta = potentially semi-significant. The Cyan dashed lines are Wkly Pvt Levels. This is just a map.

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es daily for 9110

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es 30min sr for 9110

Hope this is helpful ... am not liking TOS after a few months of digging around in it ... but this is where the charts are pulled from for now.

The Intermittent Funky Monkey
I'm using 43.50 - 45.75 as key support...upside I have 59 -60.25 and then another line at 66.50 - 69 as a possible hurdle ..lets see what the O/N can do
they are watching that 60.25 which was a high volume node from the other day ...volume building there
adding my old pal 51.25 to my a giant freakin magnet lately and current O/N LOW
gap now at for it's fill!!
Here is a look at footprint coming into the open. Trading above VWAP for now. Can see the volume build between 1062-1060.

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footprint 9012010
that 51.25-.50 area is the 50% of the week, it should act like support if tested, and if not uh-oh.

also, gapguy mentioned many moons ago (I haven't gotten to his comment for today yet), that a gap up that crosses the 600 exponential moving average of RTH only has very slim odds of filling gap. Often a gap and go with only a minor retracement that is viewed as a buy.

600 exponntial moving average of the rth is 1057.91, so an open above that level would tilt odds to favor no gap fill today.

yesterday's close was 52.50.
Just a reminder-1066 is the 50% retrace 1129-1003 nonclosing basis.
peak volume is atthe highs per one minute...someone front ran my 66.50 number...should be good for us faders up here......69 - 70 is what everyone wants that is long!!
reports over..starting fades at 73.75...71.25 is first target
Back to our old friend 1075.00 What are prices going to do here?

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The following is my interpretation of Paul9's findings...

On 30-Aug-2010 (Monday):
Hi = 1063.50
Lo = 1044.50
So, range = 1063.50 - 1044.50 = 19.00

So, 0.618 extension from Monday's Hi = 0.618*19.00 + 1063.50 = 1075.00 (rounded down from 1075.242)

Paul9 says that if price hits 1075.00 (as it happened today, i.e., 01-Sep-2010), then there is a high probability that the price will hit 1.000*19.00 + 1063.50 = 1082.50. Today, it did hit 1082.50.

Hope this helps.

Originally posted by rburns

Am I understanding this correctly? Take Mon H and L. Any .61 move off the bottom or top of the days range will produce a 1.61 move either higher or lower than the days range.
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