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:
bingo prestwick- I just did that myself
81.50 is now the pivot, stay above we go higher, stay below we go lower
1185 should be initial resistance here
should have poked that monthly pivot long - oh well
Palmer, I think that's a good call, above 85 is confirmation we are likely going higher
That was also a nice ABCD 96.5-82.25-90.75 projecting 76.5. Wish I had noticed that earlier.
well that was met :)nice
Originally posted by palmer

bingo prestwick- I just did that myself

Did you get 76.0-81.25 giving an initial of 84.5 (just hit) and a full of 89.75? In a trending market the retraces against the trend seldom go past the inital target.
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.
nope I didn't do that any one the upside- but that then the 1185 was correct for resistance. I was using low of that massive candle- I guess we need to watch 89.75 for a trend change??
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