Here's my 30min MAP of 20 trading days that I've got with the Red lines as potential significant PASR levels with Magenta as semi-significant. The White dashed lines are Weekly Pivots. I've also got a Yellow line in the 1318-19 zone that's a Fib Cluster, fwiw. The Gray background is "overnight trading" and the Light Blue bars on the right vertical axis represent Volume at Price. Hope this is helpful to some folks!
NE
neoikon
Rep: 890
Posts: 173
Thanks MonkeyMeat! Good morning all.
FYI, 52.8% between PP and S1 is 1332.50, which is the area we've seen resistance a couple times O/N. I'm expecting it to break at some point for the gap fill to happen and watching res at 1335.50, IMHO.
Best of luck to all,
Daniel
FYI, 52.8% between PP and S1 is 1332.50, which is the area we've seen resistance a couple times O/N. I'm expecting it to break at some point for the gap fill to happen and watching res at 1335.50, IMHO.
Best of luck to all,
Daniel
TR
TravelinTrader
Rep: 190
Posts: 39
Looking at 36.25 for a scalp short, based on 10 point reversal from O/N lows.
NE
neoikon
Rep: 890
Posts: 173
Originally posted by TravelinTrader
Looking at 36.25 for a scalp short, based on 10 point reversal from O/N lows.
0.786 from S1 to PP is also 1336-1336.25, I have a higher fib at 1336, top of my VA at 1335.50, daily gap fill at 1335.25... all around that same area, TT.
Plus, BANK gapped 7-8 points, which I've found is a sweet spot to look for res/sup on the ES's gap fill.
TR
TravelinTrader
Rep: 190
Posts: 39
Plus, BANK gapped 7-8 points, which I've found is a sweet spot to look for res/sup on the ES's gap fill.
Not sure I understand this. Can you please elaborate. Thanks
NE
neoikon
Rep: 890
Posts: 173
Originally posted by TravelinTrader
Plus, BANK gapped 7-8 points, which I've found is a sweet spot to look for res/sup on the ES's gap fill.
Not sure I understand this. Can you please elaborate. Thanks
Sure. I find the banking index ($BANK) to be a leader. So, I take note of the size of its gap. Today $BANK gapped down 7.69 points (opened 7.69 points down from its close on Friday).
One of the things I look for is the ES to fill its daily gap (4:00pm EST close), today it's at 1335.25. If it does fill its gap, there is a chance there will be resistance at the gap fill level (or it may just pass right through). To help me gauge if I think the ES will find resistance at its gap fill or not, I like $BANK to have a gap size of about 6-10 points (and to fill around the same time as the ES).
Of course, everything looks good for there to be resistance at 1335-36, yet we still popped up to 37. So, we'll see.
Generally, my target is back to the open. However, BANK has passed through its gap fill and is looking strong, so I would be more cautious.
Daniel

