ES Friday 8-16-13

the anniversary of the death of Elvis today and yesterday they trended it out of the open.

59.25 is my magnet and I prefer to see a brief dip down on open to initiate the long...ideally under 56.75...


53- 54 is additional support point and then I have 48 - 49 below there


above is 62.50 but even better for sells would be a test into 65.50 - 66.25


faders will be angry and get revenge for yesterday ..or at least one good fade this morning..it's Friday..use the magnet !

one idea is that if we see a selling tail and the IB completes BEFORE we run out that low then MAYBE that will be a good clue that the IB low will get broken and we will get our double low run out...that requires waiting for the first 60 minutes to finish

this is just a toss up... a buying tail on the low and selling tail on the high......still think it will be the lows but no safe way to trade for it

I think if we leave behind single prints off the Ib and then break the O/N high we may be setting up for a nice reveresion trade to go retest the IB high !! after 11 a.m. this would have to happen


wishful thinking perhaps and probably better to just close down the trade platform

i'd like to see the 11:30 bar close below the open.....then I will stalk shorts very lightly for that double low.....

I sold the test of the Ib from below...using a 1.75 hard stop and trying to get that double low.....not actively trading anymore today and this is my only attempt inside the Ib range today

still no test on the O/N high or low....adjusting risk to only 1.5 points and going to Las Vegas !!

took one off at 56.75...that was a ledge ..se a 30 minute chart....risking the same distance to final target to capture that double low...so stop is on final contract is just about near entry point....at IB high....lets see if the buyers try to give up some more....

that's me done at 54.75....I hve no good place for stops and they can torture me as so many know that double low is down there....one point away


good luck if you're holding for that run out...I hope it goes for ya

congrats to any who held for that double low.....hope all enjoy the weekend