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.

testing avg again ... selling again 1191.50

Bruce - the singles I had from yesterday were in the "N" period. That's only a 15 minute period between the time the equity market closes and when the pit closes (I use the full CME regular hours) so if you have your chart set up for US equity market hours instead they won't be picked up. Given the high volume of trading that frequently occurs in that N period I track it.

thanks..that's the difference...I only track RTH , 30 minute bars...appreciate the response

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Originally posted by prestwickdrive

Bruce - the singles I had from yesterday were in the "N" period. That's only a 15 minute period between the time the equity market closes and when the pit closes (I use the full CME regular hours) so if you have your chart set up for US equity market hours instead they won't be picked up. Given the high volume of trading that frequently occurs in that N period I track it.

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What avg are you using , cool?

sigh ... missed it touch my price but no fill

Still a good call, Bluecool!!

IM using a 54 exp. avg on the 5 min chart. Support and resistance come in increments of5 from the avg. i e avg now at 1191.30, support possible at 1186.25(minus 5 )or maybe 1181.25 minus 10

CHECK IT OUT , POP! I was trying to sell 2 at 1191.50! ... sigh...

quote:

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Originally posted by koolblue

CHECK IT OUT , POP! I was trying to sell 2 at 1191.50! ... sigh...

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good number for today , got it from watching poc develop

Hey, Bruce, you long yet today? im hoping for 1177 or so but gotta leave in 45 min.

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...