ES Wed 9-14-11

Yesterday's trading topic mentioned the single pritn of 1151.25 as the long signal from single prints if we were to trade down to it:
Well shortly after the open we traded to the low of the day at 1150.50 triggering that long with 0.75 point draw down on the trade. The high of the day was 1170.50 so the best possible run-up/profit on that trade was 19.25 points.

The other red dotted line that you see on the chart at 1158.25 was a short signal for single prints created on 9/9 but because we opened above it it was untradable and considered filled in.

The other single prints that I have on my radar are 1205.75 from 9/1 in L bracket (short) and a long at 1125.25 from 8/23. Neither of which are very close at the moment so unlikely that there will be a single print trade today (Wednesday).

Click image for original size
ES overnight 14 September 2011
true warning
amending that 1st target to more precise 1193.50 from 95 ballpark figure in earlier note
Originally posted by BruceM

well, well, well...this here is the only resitance i have up here at 86.50 - 87.50 as mentioned in todays early trade....obvious trending and two sets of singles with the closest air at 82.25.....the signal needs to be real good to fade up here

in other words, I'd be real selective about shorting into this...make sure it rocks...otherwise they will try to run out those folks that want to see the 92 - 93 area and soon...

good luck...I'm getting back outside
POC hit

Click image for original size
2011 09 141504
11408 is the 62% retrace of DJI
11340 the 50% level
11379 the mean

1215 the 50% level for the ES
1280 the 38%
1297.5 the mean

1193.50 area has to hold
95.5 was the full projection coming from the hourly chart originating from the move from 1123.5 to 1151. So it was almost to the tick.

you can generally expect a decent retrace when one of those projections hits and this time was no exception. That together with the last area bruce mentioned today and you have a decent trade entry and target
1180 and 1197.5 corrections to previous post
typing fast not my strong point
have a good night