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ES Magnet prices 5/9/19


Today we have 2860 - 2862.50 as a key zone. That would include the S2 level for today and Tuesdays low which is the current weeks low. Yesterday was an inside day !

2868.75 holds yesterdays overnight low ( Tuesday into Wednesdays overnight session ) and some price action from last nights trading session. 2873 is yesterday day session low and S1 is near here. I like this area as a ultimate magnet if we can find some buying but we should be mindful and exit most longs near the 68 - 69 area just in case.

Keep this in mind - the break away started on April 1st and that day had a low at 2856. The high from the trading day before is way down at 2840.50. All I'm saying here is that if the sellers really take over then the next day or two they could easily push it to 2840.50. Bottom line though as a day trader is that we can use the 2856 today as another target price....so if you take the shorts off the 60 - 62.50 zone then you want to see it push out the Overnight low and try to get down to that 56 as another target. The other way I will be using this is if we open under the 60 - 62.50 and push down first then I will also be watching for breakout failure with volume and $ticks. Even if you are short and volume isn't confirming the breakdown near 2856 then think about reversing to the longside and use the 60 - 62.50 as a target.

Well, the market has dropped down since I started this so I am just going to toss out some of the other downside numbers I am using:

2851.75, 2847.75 and 2843.50 - these all could be stumbling blocks for those trying to push for that gap fill.

More complicated today then the previous two days. Keep in mind the context of yesterdays inside day and what that could possibly mean. I would not be too aggressive as a fader today.
one thing that really bothers me today is I can't figure out why the overnight has so much volume at 2864.75. Today I plan to just use the opening range which will hopefully line up with trying to for the 60 - 62.50 on upside or the 51.75 and now overnight low is at 52 on the downside.....only other idea I really like is if we push out the overnight low quickly and run out of steam....then we can use the 2856 as a target
I'm using 2.25 point stops when OR is bigger then 3 points which it was today. I had many failures ( you can count up my losses) but eventually was able to come out with good targets on the downside and am exiting as I type at this 43.75 print....I will not hold for the gap fill and I'd like to see this market firm up and get long for retests of 48.25 and the 51 area.......It sucked that upside targets missed by one point.....I thought the numbers today were a bit "complicated" and certainly not easy to use
there was a gap in the data at 48.25 and also one way up at 56 area......as many know these are my least favorite targets but the drop into the 43.50 target number saw volume and ranges dry up so it gave some clue...in fact I think the one minute bar that hit 43.50 was the lowest range bar of the day
for me to put any value on that gap in the data at 2857 as a target I would just wait to see what happens if we can retake the overnight low and how we react if and when we get back up above that....otherwise I see nothing and perhaps gap fillers will get it done today.....I think today was a great example of how diligent you need to be if you are to trade mechanical ( The OR breakouts) . It is not easy but usually the more failure you get then the bigger the run when it does move for you. Think about it - one side eventually gives up and that leaves room for the other side to take over and dominate and create these mini trends like we saw on this drop down....nobody is fighting them any more
"b" pattern forming...are sellers getting tired?
well...completely wrong on that one...LOL..congrats to the gap fillers....no floor trader number yet today...one down at 2834 and then the one up at 2860....44.75 is where all the volume sits but that is it for me...odds favor a return to the 44.75 but I can't find any good area.....maybe YOU can
How do u tell there are no floor traders? what is u see that tells u floor traders are not there? or where they are? thanks
I'm talking about the classic floor trader numbers ...also know as the pivot points.....I have no idea who is actually trading. the pivot numbers are just lines on my chart ...read here
http://www.patterntrapper.com/floor-trader-pivot-calculator.html

and i'm sure they are described on here on the mypivots site...ok , here

https://www.mypivots.com/dictionary/definition/155/pivot-points

Originally posted by Padmaja

How do u tell there are no floor traders? what is u see that tells u floor traders are not there? or where they are? thanks
Thanks bruce, i misread I understand pivot points. I read it as floor traders were there.
Thanks
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