ES Tuesday 2-24-15

Bands for the day. Good luck to all.

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We are in a tight range due to pending Greece related news and therefore not too much going on. Will have to be very patient here today.

Greenies for the day:

Weekly VPOC: 2096
Weekly POC: 2092.25
This market's coiling like a rattlesnake about strike.
Yellen testifying on Capitol Hill, her prepared remarks are embargoed until 10am (usually) then all the reporters can deliver their interpretations of the testimony.
One thing I will say, in overnight price has not been able to exceed the RTH H and when I see that, I think early RTH has to test down.
Can I be wrong? -Don't make me laugh... the market's sole purpose is make me wrong.
Paul I agree with your read I've just never been able implement it. What exactly would trigger or where exactly would you get short?
probably O/N high would be a good place to get short? especially if we are starting to see a slow down (and also look for confluence with pit bulls, HVNs, etc)?
I did not do this today, but I have done it in the past

I short anything within 3 ticks of the prior day's RTH H.
True, if it gets there. Sometimes it just breaks perfectly in your direction. Then...I ususally sit and watch.
yeah i suppose RTH H, O/N H are possible locations. if the market breaks, then oh well, you are better off sitting back and watching. i rather have a good trade location than worry about missing out on a move
I must have been typing my response while you posted, NewKid... I should clarify... an overnight that cannot get more than 1 or 2 ticks above the RTH H is also acceptable. (It's just that today had matching highs
The big problem for me with this is there is no consistency about the downside once this patterns plays... Like right now, ok, it hit the high and sold off 3 points. it's not like it was the beginning of a trend lower. Ya gotta be a gunslinger.

potential wildcard for today is There should be some kind of reaction to Yellen's prepared remarks...(probably UP, she is very good at choosing her words.
Paul, agree that there is no consistency but then you could scale out at different points like O/N greenie, O/N VPOC, YD's close, etc...
30 min VPOC is useless at this point with this narrow range. FWIW, it is at 6.5
and while I am being an after the fact wise guy, here are the main lines I would have had on my chart coming into today....
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