ES 10-06-08

buying here...

Got the 1075 area...no surprise to me that the high volume zone is trying to hold back the rally.....covered three out of the 6 I have working from average price of 1030.50.....135 points...digging my way out.....thanks for all the support....I'm a fairly mellow person in REAL life so it is logical that my aggression comes out in the markets.......Now if I can only manage these last three to other targets.....


[quote]Originally posted by BruceM



Targets: for me exist up at that 1075 zone ( high volume), 1102...(overnight open) and with a bit of luck the 1144......if I win the lottery of trading I'll get the gap at 1212 but I'll probably be out of ammo by then...glad all survived well today...biggest losing day in 5 years for me....so lots to review for me.....

Could you elaborate a bit more Joe? Specifically..

Are you buying them at market and the front month.....or going further out etc....

Thanks

quote:

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Originally posted by CharterJoe

Bruce,

I trade options on the SPY, and here are my reasons why; sometimes I can miss a top by 6-8 ES points (most of the time, not every time, sometimes its right on) This is a bit antsy to sit through with lots of ES cons but with options its only a dime or .15 cent. And once they fall out of the money there decent slows a lot a luxury thats not so in the ES, like Friday when I bought those calls at 4.35 I added some at the open and even near the lows I was only down a point and a half, giving thats no walk in the park but its better than 100 points on the ES. Looking back I should have added some more to them but decided to take a break the rest of the day, I instead bought some 105's. Also SPY has the volume that ES and SP options don't heavy volume that makes for very fair prices.

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With the numbers being so close how do we determine the BEST ones...? It seems with this link we could approximate all the numbers using 5 point increments....for me I watch the volume spikes so I can filter them by that but it would be nice to anticipate a few key numbers....

quote:

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Originally posted by stocksster

quote:

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Originally posted by koolblue

http://www.imtc.com/cci/es_squ_nines.htm

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You "could" figure them down so close to where there only pennies apart. But thats not the way they are used by me and also Gann. Here are the numbers I use, these are about 19 points apart, some more some less....

993
1009
1025
1041
1057
1089
1106
1123
1140
1157
1174
1191
1208
1225
1243
1261
1279
1297
1315
1333
1351
1369
1388
1407
1426
1445


Some common sense should be used...like don't trade these alone mix them with something good like $TICK, Market profile or RSI, If a market is doing a breakaway gap don't expect much on a counter-trend trade instead go with the trend after the number is broken. Treat them like everlasting pivots....


A good ex for a scalper would be the ES right now 10-7 at 2:30 the ES hit a high of 1042.5 thats close enough to my sq nine at the same time the 1 min RSI is overbought and the $TICKS are at the highest levels of the day, so it falls and falls to where? the next sq nine 1025 at that time the $TICK is reading -1000 time to get out of the short and go long. I have never seen them go from sq nine to sq nine so fast 2 years ago it could have been up to 3-4 days before hitting another sq nine and we would play the ES to death off that single S/R number using only a few other simple tools.

P.S. I trade front month until there is less than 5 days of time left then I switch to the next month and I only trade those exactly in the money.