ES 5/17/2011 Unfilled Gaps

Good morning!

Watching 4/15 (1316.25) and 4/19 (1308.25) unfilled gaps for support this morning.

Daniel

Now the thing that is odd about the 4/15 gap, is we gapped down, then gapped up over that fill a few days later. In other words, we did trade above it, but never actually had a 1316.25 print during RTH. I wasn't sure how to treat that kind of situation, but apparently, they are still important!

As an aside, my script does allow for a little fudge factor. If price comes within 5T of the level, I consider it filled.

I'm not sure where most look at the stretch but it seems to be getting a lot of great feedback on the stretch threads.....my advice is to just pick one spot...this way we won't get confused and have to look in multiple places...

but if we are talking about common numbers and confluence then I see no problem with mentioning the stretch as part of key numbers here.

Folks seem to be hammering away at the concept to see if it is valid and that is a good thing...

Originally posted by ayn



may be we should take this chat the other thread since i believe most people here don't look at the stretch...so my apologies

Originally posted by Silverharp

A little more confidence in here 12352 (Stretch 423 DOW), USDCAD stopped at 161 , DX hasnt made a new high.

Looking for resistance at 1325.50

... target 1308.25

;]

wow that's an agressive target...I'm watching 1320 as key support now...buying tail on the lows...I think they want to round out volume between 1320 and 1325....make it more symetric....so we may consolidate inside there

Originally posted by BruceM

wow that's an agressive target...I'm watching 1320 as key support now...buying tail on the lows...I think they want to round out volume between 1320 and 1325....make it more symetric....so we may consolidate inside there

You're absolutely right. The bottom of the trend line and a symmetrical pullback is right there around 21 (which we found support on) and we will probably close within the 20-25 range, as you mention.

I'm just thinking perhaps O/N or tomorrow target.

Looking at yesterday's RTH high and today's RTH low, it was a nice 0.382 pullback. If this is part of a larger move down, I'm thinking we may see that 4/19 unfilled gap. If we break above 1325.50 area, I'm looking at ~1329-30 for the next short.

8.25 becomes the tgt using Pauls Mon RTH range expansion 61.8 = 14.5 if hit Should lead to 8.25

Originally posted by chrisp

8.25 becomes the tgt using Pauls Mon RTH range expansion 61.8 = 14.5 if hit Should lead to 8.25

Hmm, I have Monday's RTH range to be 1328 - 1341.25.

0.618 of that range down is 1319.75 (happens to be today's morning RTH low)
1.0 at 1314.75
1.618 at 1306.50

Am I looking at that correctly?

Daniel

5/16 rth range 41.25 - 24.75

.618 of monday rth range = 10.2

so if 24.75 - 10.2 = 14.5 is hit then 1.0x extension (16.5) of the range should be achieved @ 308.25 (324.75- 16.5)

i think this is it how it works

Originally posted by apk781
i think this is it how it works

You must forgive me, I am mildly retarded. I didn't see that low made near the end of the day Monday. I was only looking at the morning low. derp.

Speaking of gap fill levels, today's gap fill is at 1327.25, which we have been struggling with for the past 45 min or so.