ES Short Term Trading 9-15-2010

Here is a look at the action going into the open. Sometime early morning prices dived under VWAP and have used it as resistance ever since. You can see the negative delta build up on the bottom of the chart.

Also prices have already challenged yesterdays lows here in the ON, the ES is back above them, the YM is struggling mightily to get back above its low of yesterday and the NQ hasn't challenged it yet. So no clear clues from the big three.

FWIW I'm short ES on 1118.Reason: it bounced from 20 EMA on 5 min chart but bounce is not powerfull. it looks like 123 top. Stop at 1119.00. Target 1116.25 (this is area where bounce started).

Stopped at 1119. Still looking for entry on short side

If we would not be able to take out Day high at 1119.75 but turn down somhere here, then it would be official 123 top. So I would look for entry on short side at penetration of 1118.00 and adding to position at 1117

Executed above mentioned plan. Target hit !

"last engulf" on the SPX daily....hint of a reversal

Originally posted by redsixspeed

"last engulf" on the SPX daily....hint of a reversal

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Lot of chatter today about a reversal...the "last engulf" gave an
early hint...most of the time there is a move above this prior to
the reversal...there are important zones up here that has not been
hit...we'll see