ES Tue 8-16-11

Overnight market right in the middle of Value Area now. We have singles a mile high above us at 1272.75 and 1291.25 formed on 8/2 and 8/1.

If im reading this singles at 91.00 to 92.00

Originally posted by della

If im reading this singles at 91.00 to 92.00

If you're talking about single prints then no, that is not correct. Can you post a chart showing what you see?

The market opened just below the VAL which would signal a short when it hit the VAL but because it was only a few ticks from this some traders would not take this short. Had you taken it there would have been a 3 point draw down so far.

hey,
did anyone notice the RTH LOD so far? 1184.00

had big, unfilled gap yesterday, gap remained open from 1184.50 down to 1177 (4:15 close), or 1176.25 (4:00 close)

just a move to the upper edge of the large open gap brought buyers. Can't say whether they buy forever, but it was worth 10 pts.

I've seen this kind of action before.

OK, so far couldn't fill yesterday's gap, could be sign the bulls want to squeeze their bearish brethren even more. Maybe fill gap created today, would mean print near 96.50 (4:15 C) or 1201.25 (4:00 C)

Paul, Filch rating agency re-affirmed US triple A rating - bust for the bulls

Lisa,
I don't know whether it really means anything.

Big press conference in Euroland sometime after 12noon about debt crisis over there.


RE the gap fill, came within 3 ticks of that 96.50, but something some one once taught me years ago is to look at the final 5 minute bar of the day. if filling gap from below, don't be a pig, be satisfied with the L of the final 5min bar. that was 1194.75.

when filling gaps from above, look to the H of the final 5minute bar of the previous day.

Lisa,
did anything show-up on your footprint when price was 95.xx?

Paul, I assume you are asking about 11 AM swing hihg. Yes, there were larger prints - see chart below. I did not take short trade, as my bias is bullish, based on the Filch news.

Originally posted by PAUL9

Lisa,

RE the gap fill, came within 3 ticks of that 96.50, but something some one once taught me years ago is to look at the final 5 minute bar of the day. if filling gap from below, don't be a pig, be satisfied with the L of the final 5min bar. that was 1194.75.

when filling gaps from above, look to the H of the final 5minute bar of the previous day.

Paul, do you look for 4:00 PM or 4:15 PM bar for close?

I look at both 4:00 and 4:15 closes and choose whichever one is closer to current prices.

I have not extensively studied which is more accurate. I was going to write code to look at it, a friend of mine told me don't bother, just look at PA in the genreal area.

I would be interested ina anything anyone has to report about a trade day when the 4:00pm close is XX.XX and the 4:15 close is more than 3 pts away from that level. Is it predictive of anything? even just AH?

don't know.

BTW, Euroland press conference supposed to start just after noon.

what a mess