ES Wed 9-21-11

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

All fed rates over last 21 years:

The ES on the previous 113 Fed Days:
81.50 is now a tempting buy
I declare anyone who trades FOMC report insane, they should not post
only buy for me is 1272.5-73.50 area
I hop eall your "trades" are in your paper trading account
know your levels, keep your stops tight and hope to get lucky.. trading in itself is a bit insane everyday, just keep the odds in your favor that's all..
tradezilla, did you make money trading FOMC report?
Thus far, $50..ha so nothing to brag about.. was tempted to take the 81.50 buy but didn't, too busy typing... The market is still undecided here.. The $$ is made at the extremes and that's why I was very disappointed I didn't recognize the short yesterday.. Down lower, I will take a position though
Originally posted by destiny

No decent set ups in es due to FOMC pending news but CL made an A up and never looked back. Hopefully soon i will be able to trade one more instrument - for a total of 3 - and will not try to force trades.

FOMC trade set up @ 2.24 pm. No time to think just trade .
Yes fairly often and they seem to be decent tools. There was a guy who used to post in here nic named VO Water who had a great eye and used to use them all the time very successfully.
Originally posted by apk781

do you look a t3 pt extension often? if so, how accurate are they compared to just the 2 pt ones ?

Originally posted by prestwickdrive

That was also a nice ABCD 96.5-82.25-90.75 projecting 76.5. Wish I had noticed that earlier.

Destiny, I agree... see, decide and ACT.. with a tight stop of course... 84 is the next long if I want to hop on but I'm inclined to pass on that one..
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