ES Thursday 9-22-11

It's always after the Fed. where the good trades unfold. The 1169 extreme support and objective posted this morning got blown away and the ES close 14 points lower at 1155.75.

Tomorrow I will be looking at the following numbers for trading set-ups.

For the outside: I will look for the market to move above 1156.25 and use it as a "platform" or support for my next objective at 1169.50. Overcoming 1169.50, then, that will be my next support to work from for 1179.00 objective. Overcoming 1179 will set the stage for 1186 objective.

For the down side: I will look for the market to move below 1151.75. Then use 1151.75 as a ceiling for my next down side objective at 1143. Below 1143 will be 1132 as next objective. If the ES moves down to 1132, It's possible that will extend to as low as 1123 looking for support. -- 1123.50 is also Sep. 12 low.

In a nutshell here are the numbers for tomorrows 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. 22.. Thursday

Buy above 1156.25
with 1160.50 / 1165 / 1169 / 1179 / 1186
Extreme 1194
as outside resistance and objectives.

Sell below 1151.75
with 1147 1143 / 1139 / 1132 /
Extreme 1123 / 1113
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!
Great call Bruce.
bruce would say that was a fill in at 32.50 area??
We usually get a second chance. Right after the 2.75 print I offered at 2.5 Sorry Charlie is my new tattoo
absolutely we also have the S1 level there would have done the same as we approached near 32......because low volume will sometime test to the tic and not always do the overshhot....we could look at market delta all day for change but I prefer to predefine my areas and decide that is where I want to conduct my trades...or at the very least start looking for signs of exhaustion in the DELTA
Originally posted by Big Mike

Originally posted by BruceM

I prefer to pick out the volume that seperates two very clear distributions...if you look at your data you will see we had a nice bell curve and price consolidation in the 48.50 we went from non-trend to trend...that is the real key...."at what point did we go from consolidation where prices where fair to a place where prices became what point did that change ?

I see your low volume at 41 so that certainly isn't wrong it's just that I have no real big volume above that number to lean on if wrong...we could easily blow through that and into the 44 area....but up at the 44 area we usually will have a SLOWING affect so price in theory would slow as we get closer and closer to the 48.50 high volume......does that make sense?

Originally posted by Big Mike

Originally posted by BruceM

Only two key areas I'm looking to trade from and those are 1122 - 1125 for longs ( key lows and daily S2 level)and then the low volume in the Overnight at 1132...( my sell area for today early on)

If we break and hold from the 1132 then I won't trade until we get up to the next low volume at 1144 -1145

I'm not looking for shorts under the 1122 area and will stand aside from any selling that happens under there,,,,,this market is still in a longer term bracket until proven I prefer longs under there

Bruce is there a reason why you prefer 44-45 LVN instead of 41 LVN area?
Thanks, Mike

Your view certainly makes sense. I am trying to incorporate levels with Market Delta as opposed to avering in. I have difficulty adding to losing positions and am trying like heck to avoid that.

So at 41 I would look for sellers in Market Delta. Am I on the right trail?
I would call that just a tag Della....and I wouldn't expect the market do do that again if we trade back would be more likely to try for the overshoot above and then look for a retest of the 32 area back down...than I would consider it filled...

We must also remember that we are dealing with low volume from the that to me is not as powerful as low volume from a previous day session......I trade lighter when we approach the low volume from the overnight......but things change quickly in the ES keep a log of them and track them
Originally posted by della

bruce would say that was a fill in at 32.50 area??
volume 1135.50
Click image for original size
2011 09 221022
Originally posted by Lisa P

Click image for original size
2011 09 221022

now that is what I would call "filling in" della on the 32 area!!
Yes big time it beat the hell out of it
Thank you from me too Bruce!