ES Thursday 9-15-11

I see three distinct bell curves that I want to try and work from in the overnight ( if time permits) or the Thursday days session. I'll start with the low volume that looks most important at 1177.25- 1178. That is really the lowest volume hole that is surrounded by high volume on both sides of it.

so the high volume above that comes in at 83.25 and the low volume that comes in above there is at 87.50.

working my way down I see high volume at 69 - 70 and then low volume down near 65.25. That number I thought the market would retrace to as long as we didn't come outside the IB high so that is still in play.

then we have a minor high volume node at 62.50 but I'd prefer to use the low volume down near the 58.50 area.


above 87.50 I'd be interested in the 92.50 low volume area.

as usual the specific extremes of ranges are alwasy important but those are obvious so I'm not bothering to type them in.

lets see where the overnight numbers fall to confirm our areas.

yep I see-

I am done for day anyways. Have an order to sell @ 1207.50 if we hit it while i am away- 3 point stop

what levels are u using to project that ? thanks

Volume thinkened. Looking for a failed breakout

Update. Stop just above big short order

Move ended at Low Volume node. Thank you Bruce for introducing this method.

prestwick, if you are around i have a question; were you looking at the spike earlier this morning that caused the move from 83.25 to 95.5 ? that projected initially 203, which was hit exactly. May be there was sthg else that made hte market turn there and not the projection i was looking at so wanted to make a sanity check

thanks

Originally posted by destiny

Hi DT,

How single print set up is effected if the level like 1177 gets hit during globex session like it did in this example?

If the price comes to 1177 after opening above it during RTH, is the set up still valid?

Yes, it doesn't matter (with respect to the single print strategy) what the price does outside of RTH, it would still be valid at 1177. However, as others point out, overnight market action is still good for the RTH trading action.

There were no single print trades today and no new single prints were created.