ES Monday 8-26-13

should be 1998 for my gary smith comment.....technical issuse in my head today ...
No video below? Try this link: monday_26.swf

I'm not going to run the gap code today because the gap is so small. I am not even going to trade today, I have too many unfinished projects from the weekend... good luck to all.
the more aggressive trader will be fading above or at 63.25 with a plan to use the 65 number as a better area...I think we will see the 61.50 soon..
I think this is setting up to be one of those days were we come out side the high of friday at least twice....we did it once I am hunting for longs below the magnet..ideally 2 points under it ....expecting us to come out of that friday high again...often the first time out is the fake out.....then they come out again

very difficult to trade at the magnet sometimes....ALWAYS better to use it as a best to initiate away from magnet and use it as a target first
so we are all trying to buy this weakness so far...I missed the long as I wanted to see 59.50 or less...magnet is doing what is should but only one opportunity so far and that was the short.....I want to find a way to get long for the friday high retest again

the more time goes by then the less effective the magnet becomes as an be careful
and let me add that it can be frustrating to have a magnet that is working but not being able to find ways to make money and use the damn thing !!!!!
there we are outside of fridays high again but I couldn't get it.....the only good thing about that is that i followed my plan and had i didn't chase the trade even though the idea worked...

I think they will go for that 64.75 swing as long as we don't see the magnet price again on any retest back
well, sorry I couldn't get much going this morning for myself but hope the ideas worked for some out there...
same here bruce...was looking for the long but could not get it...the quick failure above fri hugh scared me a bit to try a long at the onvpoc/ lvn from fri, but i should have known better....tick was still above zero when we got there and that is usually good enough for the onvpoc to hold for a bounce...oh below that 60-62 area now risks revisiting the mid 50s imo

having trouble with posting of charts...if i get around it i will post what i was seeing...
Travis - this is from your friday comments....there are no books except you want to understand the work of dalton and later on perhaps the LVN and hvns but most times all of this stuff will come down to the price action.

I have loads of screen time and spent many years trying to get into the heads of my competition - the other traders....

as a fader I'm usually always buying low and selling high with a target in mind first..and of course trying to get the bigger context

later on when I get to my other machine I will post a Dr. Brett summary that helps keep things in perspective for me
this should be required reading and read often:
Click link to access uploaded file:
New Brett know it.txt
Some really good posts and analysis this past week and today Bruce! Also, the text from god ol' Doc Brett is great stuff. Thanks for sharing and for the quality of it! Good to see some others posting that generates some good conversation/market-analysis!