ES 1/8/13

Happy new year!! Fiscal cliff behind, debt ceiling ahead. Sitting and waiting in a range between 1450 and 1460. Which way will we go? Looking for a break out of range to get something flowing.

O/N volume at 1453. No surprise.
Whoops, sorry BK I must have had my same day topic opened and unsent while you posted this one. DT can combine them.
No worries, I thought I would just pull the starter on this thing a couple of times and see if she fired up.
for me I am trying to hold for the O/N run out...this would be a perfect run ( almost )of the pitbull window...2.5 points above and below the opening print !!...

55 was a key area and so close to the plus 2.5 to initiate the sells..lets see if greed pays today
don't get too greedy beyond 51 but if you are then go for the minus 4 ...just thought I'd do some math for some today...53.50 open minus the 2.5 is 51.
I like the call, waited for the open print to sell on the mechanical side, but also waiting for the O/N low-yesterday low.
Kinda hoping for a break below 50
Pauls comment on the other thread is important...we always want to see what happens when we push out of one side of a multi day bell curve...will sellers come in below that range down near 1448 - 50 or will volume dry up and then we go back up into the key 55 again..?

so these lows are important to us now !!
this multi day low falls right into the critical minus 4 - 5.5 zone..

I'm not holding short anymore and will approach longs with caution....if the sellers dominate on a TRUE breakout you donot want to be on the wrong side of that as a fader

carefull as volume is picking up down here..a safer trade if you are expecting a low is to see a push up first and then a test back down on low volume...then get on board if strength comes back in on the long side.....and if it continues to sell off don't cry about getting out early....

define yourself and your style..get good at either trends or fading and then after time you can attempt to be good at satisfied..

ok Paul..hows that for babble today ?
Sage advice Bruce, I'm letting my runner go and controlling my stops as my MA's move down. Left too many winners on the table. Still in a good position here though. I thought that low volume at 50.25 would hit before committing back down. Not yet though. I'm holding my stop above 51.
I've got the RTH volume at 49 now
I have also been working on my patience. And this was a test of it. Once 47.25 hit it took quite a while to print 47.00 and get a fill. My goal was to see it through. Trust me when I tell you the urge to bail back up at 48.50 or so was pretty strong.