ES Wed 9-21-11

Don't forget that today is a Fed Day. Resources for today:

All fed rates over last 21 years:
http://www.mypivots.com/trading/fedrates

The ES on the previous 113 Fed Days:
http://www.mypivots.com/trading/feddays

Yesterday 1214.50 proved to be a good resistance. Some people here had that number in one way or another. 1214.50 was also Sep. 19 high.
In the next few days I'm looking for the following: (It could do it in one day, but I will let the market show me the way)

For the outside: I will look for the market to move above 1206 and use it as a "platform" or support for my next objective at 1214.50. Overcoming 1214.50, then, that will be my next support for 1229.50 objective.

For the down side: I will look for the market to move below 1191.75. Then use 1191.75 as a ceiling for my next down side objective at 1181.50.
1181.50 becomes the new ceiling and 1169.50 will be my next objective.

The numbers below are for todays session. The bold numbers are important S/Rs. the others are minor s/r. If you find congruency between the numbers posted below and the ones you got, and the market is trending in that direction, then it's most likely the market will hit it.

For Sep. 21. Wednesday

Buy above 1196
with 1200 / 1204.50 / 1208.75 / 1214.25. / 1217.50
Extreme 1229.75
as outside resistance & objectives.

Sell below 1191.75
with 1187.25 / 1185.25 / 1181.50
Extreme 1169.50
as downside support and objectives.

As always, the market has the last word and in due time will show us the way.
I see for you the same I see for my self: having the very best of luck and a fun, profitable trading day!

ES reference points

http://www.screencast.com/t/yWIQXUris

How will I trade these levels? One scenario can be , lets say OR high is 1196. I will add 3.50 points to it to get A up level of 1199.50 with a time filter of 10 minutes. If A up is confirmed, then I have levels to go long and levels to put stop loss.

On clean days and set ups, this is all i care about provided 30 days number line is 6 or above- which basically shows underlying strength over last 30 days.

However, we have RISK O/N Vs RISK OFF trades tied to DXY, so i monitor that closely. Plus we have FOMC minutes @2.15 pm , so that can mess up set ups all day long.

ON low confirms the weekly open print.....Low volume yesterday in 05 - 06......best area for sells....... we still have our 96 - 97 in play .....

good luck today......

ON profile is fairly symetric so my trade plan is to look for sells on any attempt to push away from that magnet price.......like now !!

wow is that KOOLIO???

hello Koolio...nice to c ya

Bruce do you see a Low vol area at 03.00

Next good sell for me could be the 15 min proj at (1189.75- 1204.25) around 1201.50..tho im mindful of the fact that generally ,the market tends to trend up into the 2:00pm timezone on fed days(which are usually positive)so buys are actually preferred...

Appreciate the sentiment but it's not about that. It was an event trade(earnings,fed,etc...) He/She who hesitates is lost.
No news. No volume. Price is always the leading indicator. :)
1998 was resistance. Didn't make it?
Stopped at 1996.50 I think.
The 1182 target was missed by a tick. Took about 4 minutes top to bottom. That was the event.
Correction stopped below 1189. Other levels represented in corrections/ pauses and 1260 exceeded. Extension.
This was posted pre fed announcement. The objective is to be right, in the trade, even if 98 was hit.

Originally posted by destiny

Originally posted by DavidS

Trade plan
1- shoots up to 1193.50 or higher to 1197, short as 1198 R level
2-drops below lod, go with it using 1189, 1187 as s/r line
1181-2 the 38%, target below that would be 1175,1171, or lower(1160)
above 1198 will reevaluate
between em all is 1193.50 key level imo and working good above and below so far today
1189 should have been a buy signal? there's a message there somewhere 1193.50 the key to me
maybe will muddle around in the area
Magic Beans!


You were right on the MONEY. CONGRATULATIONS.
using price as leading indicator
thinking overall down but subject to change my mind