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ES Thursday 9-29-11

I thought that we could use a refresher and some basics in case we have some new folks here. Most will know this stuff but hopefuly this will inspire some questions or help clear up any questions regarding the use of high and low volume in your analysis. Here is todays chart with the key areas labelled for Thursdays trade.
Click image for original size
57.75 Projected IBLO based on average
Market Delta......we have the VA low at 57 and that peak volume at trying a buy below the IB low into that range is worth it with a signal
low volume exists up at 60 so if we get the long we want to be out in front of that number
this is where I get impatient...a breakout of the IB low into the key zone with air above....looking long near 55.75
I'm Long 56.26 looking for test of 60 HVN
56.25 I really am licking chops at 54.75 to add
Anything on foot prints ???
I don't like this action, pulled 54.75 Gonna sit out for a bit & recalculate
most can see how the better trades worked at the low volume area with targets back into high volume the 70 and the 52.50 55.75 went nowhere quick..that was high volume..

I have a 51.75 that is trying to work magic...but my trade isn't important...look at the areas.....

This is a trading "poster child" day for it careful in relation to the areas on page one....think of the bell curve
Slice through LVN to get caught up in HVN, remember today being holiday a lot are gone
this is not Big Mike from " Big Mike's trading forums " is it ?

Originally posted by Big Mike

Thanks Bruce, I knew I wasn't the only one doing some homework this morning-LOL

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