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

news everywhere Stardard and poors sticken to obama and buffet

It is interesting how 10 Treasury note rates have been pushing up hard over the last hour if the Fed is going to announce an Operation Twist that will push long rates down. The market seems to be doubting a little.

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!
using price as leading indicator
thinking overall down but subject to change my mind

I believe the initial move is likely to the upside and will fade.. If we go down, the next VPOC is a potential target which is a long way down.. The only bias I have is buy 68.50ish and sell 1214 if we go that far.. We may get a muted move, in which case I will give it some time before taking a position..

keep in mind that we're at the top of a daily ledge so an up move above 1214 may be overenthusiastic about the economy

Originally posted by tradezilla

I believe the initial move is likely to the upside and will fade.. If we go down, the next VPOC is a potential target which is a long way down.. The only bias I have is buy 68.50ish and sell 1214 if we go that far.. We may get a muted move, in which case I will give it some time before taking a position..

why guess? relax and wait, man

Its all a guess, but I call it anticipation.. it prevents me from over thinking in the heat of the action..

Originally posted by tradezilla

Its all a guess, but I call it anticipation.. it prevents me from over thinking in the heat of the action..

Hope you did not act....lol

we went down to weekly pivot of 1183.25

84, 81.50, 75.50 then VPOC@1173, then 1170, 1168.50...

Where to hop on? do I want to hop on?.....hmmm

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