ES Tue 9-13-11

We started out Monday bracketed by the single print above the market at 1158.25 and below the market at 1125.25. However, during RTH we did not touch either so there were no single print trades on Monday. A new single print was created at 1151.25 which is a long signal if we open above it and trade down to it today (Tuesday).

we opened up above the 58.25 single. Does that mean its off the table? Or do we wait for the market to get below it and retest?

1158.75 the open line for me.
1160 R level.
I can see the target CharterJoe but a wedge/diagonal can end at the hod.I like the 1176 for exit though,if it does. Doubles at 54 can be bottom of 4th wave.Ending diagaonal if it makes it.
57-58 level can become R level quick
DJI 11030 the 62% retrace of that last ramp up,11150 the 50% for perspective here

all volume is clustered in the center at 1259.....I think any trades right in here are high risk as you are hoping for the breakout traders to assist you. We also are stuck inside the 60 minute range....best sells will be attempts to bust through 69 - 71 if it even happens....

I think they want to retest 54.25 but have no signals inside this big ball of volume

on target to be the buy low and sell high range based on volume...smart traders are trying to sell this push up and target the 58 - 59 area...!

starting small short campaign at 66.50....initial target is 61.50....not being agressive here...will re-evaluate on a push into the 69 - 71

65.80 YH needs to break and hold,no doubt
a high that stops between that and 68 can be reversal signal
break and hold 68, 1171 next R level

gap above to 1180.50

single print 1169-1175

the 2.618 stretch i got it at 1171.75..i will sell there with 3 point stop

take care
duck

30-min chart

Originally posted by drak

we opened up above the 58.25 single. Does that mean its off the table? Or do we wait for the market to get below it and retest?

Sorry I'm so late responding to this question but yes, it is off the table. See Wednesday's topic for today's summary.