ES-09-24-08

Squeezed off one trade only , on globex. Bought mov. avg. minus 10 support at 1189.75, and covered 2 min. later at 1192.75...plus 3 .Yesterdays action was normal so far,but....THERE IS NO WAY I WANT TO SEE THIS MARKET GO BELOW 1153.Other than that, i would expect more up and down but basically sideways action untill it becomes clear that congress is going to pass Hank and Bens bailout plan.

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Originally posted by popstocks

went short 1196, was going for 6 points, once i was profitable went to cancel replace my oco (to move stop to breakeven) and tos gives error, this is after i canceled the initial oco, so i bailed for 1point gain, calling tos now, what a bummer

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sorry bout that Pop. What did TOS tell you

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Originally posted by koolblue

out at 1189.25 plus 3... up 7 for the day...this late in the day schizophrenic action!

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LOL Kool ...Dan Gramza says the market is a schizophrenic friend we have to put up with

I'm bumping this up so I can ramble about it tomorrow...

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Originally posted by gio5959

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Originally posted by BruceM

thanks.......summary for me...

1)High volume and big low $ticks at lows on one minute
2)Dow trying to lead DOWN....that's a NO,NO..
3)Double TPO's on the highs of a consolidation day..at the 95 number

They're gonna go get it and they did.....

Bruce

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bruce

when you have some time would you please explain more on what you are doing or looking for when you say high volume and big low $ticks - such as , what time frame and what index you're looking at

if you've explained this before just direct me to your post

thanks in advance
g

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Hi Gio,

I'm not sure if I ever posted an official thread on this type of trade but I'll look around. I know I've been rambling about it in posts for almost two years here so there must be something I put together...


Here is the basic concept for me :

I'm looking at volume and $ tick extremes...preferably in the first 90 minutes.....a volume spike is more important to me than the $tick but prefer to see the extremes together.....that usually means over 800 on the $tick on the high side and minus 600 - 700 on the downside

I'm looking for the extremes to hit on the volume into a key number....I want to know if the volume is attracting more of the same...or if capitulation has just happened...even if on a short term basis...

This makes good technical sense because we have the following:

1) a key number where many are watching
2) a spike in volume to show that people are interested at the key level mentioned in bullet #1
3) a $ tick extreme for more evidence that an extreme may be in

As you know I'm a fader so I'm watching to see if the volume is being accepted or rejected......when you think about it this happens at all prices...they will be

a) Rejected fast and the market will retrace
b) Accepted fast and the market keeps going
c) accepted or rejected slowly

These volume spikes become magnest for the current session and future sessions...the idea being that if the price was attractive to give a volume spike then some big players where there to creat the volume spike....

I watch the one minute for these......

As I'm typing we have a volume spike at the 1200 - 1204. area today...and we are testing it after we rejected it earlier...

If you are watching these outside of the 90 minutes and the "Window " strategy...see the pitbull threads for that then you need to fiqure out if they will reject it there or accept it...look at yesterdays 1212 number...the general theory states that the more time is spent at the number then the more participants are ok with it and aren't repositioning off it as fast as they did before....



Ok..this is a start......

this is for the ES and the one minute is only used to see the spike...