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.

Aother poor entry ,but the next 10 min should have a downward bias(i hope!)

this is my last trade for a while cause i have to leave for about an hour at 1:15. if stopped ill still be up 5(my daily goal)

Cycles saving my butt once again, Pop!rofl!out in 2 to 4 min tho

exiting 1186.50(i hope)

out 1186.50 plus one ..now up 9. Thank u cycles!

nice that it didn't stop you out at 90.5
did you have an active $3 stop from 87.5 in, or just manually doing it?

edit- great work as usual!

i never showed singles from yesterday so am trying to make sure my data is ok.....do u look at 30 minute RTh MP chart?

quote:

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Originally posted by prestwickdrive

Bruce - the only singles I had from yesterday were from 1185.5-86.75 and we filled those. We now have singles from the B period between 1182.25-84.25 today. I also have singles from the 23rd from 1241.5-50.25 (next closest) so the singles landscape is really thin.

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interesting how SP broke hour high while YM didn't ...then ym broke it's hour lows but SP didn't......good fades there for the nimble////who will win???

hey prestwick what is the bav like today?
i get the feeling there is some discreet buying going on from long term hands (big money) this past hour

on that trade manual pop, the reason is im so sure of the scenerio, iwas going to sell one more on a touch of the 5 min moving avg which at the time was 1191.87. infact i had already put my order in! Usually i have my stop in of course.Had to give it room cause i was selling with the technicals(5 min) were not even close to over sold. Iguess thats how strongly i feel the 1183 low will be broken .

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...