ES Short-Term Trading 3-7-2011

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I see crudes in a tight little triangle also! i wish i was smart enough to know which way its going to break!

5 min red avg at 1310.00, 13 is at 1313.75 and heading for 1312.50 quickly? ..

Originally posted by koolblue

I see crudes in a tight little triangle also! i wish i was smart enough to know which way its going to break!

10471-10515 >>> 10586

well, they sure gave me plenty of chances to get out at breakeven.. stopped at 1307.00 for a 2.5 loss(now up 5 handles..ugh!)

U crude guys gotta get a room....LOL!!

Originally posted by prestwickdrive

Originally posted by koolblue

I see crudes in a tight little triangle also! i wish i was smart enough to know which way its going to break!

10471-10515 >>> 10586

Originally posted by koolblue

well, they sure gave me plenty of chances to get out at breakeven.. stopped at 1307.00 for a 2.5 loss(now up 5 handles..ugh!)

by the way, crude broke upward...

next bounce may be at this 1305.00-25 projection but it sure feels like she wants lower!.. btw, we are just beginning to enter the 'normal' daily range area...

Originally posted by koolblue

Originally posted by pt_emini

Higher Low trying here... snagged a quick +5 ticks off the 8.50 retest level

HA HA, You da man P.T.!.. MAN YOURE A MICRO SCALPER!..i REMEMBER WHEN YOU AND ME AND VO used to trade you were always much longer term!...welcome to my world! lol

Yeah watching them dismantle this 60 minute chart and scalping for 5 ticks a whack !

The way these rumors are flying around this morning I am pretty gun shy on holding anything open.

You know the really odd thing about this morning is the volume is very light. Given that the market went up and tested that trendline, then reversed so sharply and now has taken out Friday's lows like a hot knife through butter, we would typically expect to see very heavy volume coming into the market. It feels like the real sellers are still waiting on the sidelines, not sure what it will take to pull them into the action... maybe a break below 1300 ?

note the cycle (using high close to high close...) the next bar (1:30-2:00) would be favored for a bottom