That 875 - 877 ...

we can stay short as long as we don't get 30 minute closes above that.....great volume push that created single prints on Thursday...my favorite resistance.....overnight stopped there too...no buys at lower window today for me

If using this longer term concept, the first sign of trouble will be a 30 minute close above the open.....we need to get some 30 minute closes below yesterdays lows to have any downside confidence also. until then we will be conflicted and chop around......so far Nq and YM not following ES upside break of opening print high so downside still in play...

sorry for the edits....this post is still a mess!!

Dow also bounced off 8100 as ES put in a low so far for the session ... I'd also been looking at 875, had a potential significant resistance line there just based on price action by eyeballing my 13 min chart (posted yday eve) http://www.mypivots.com/forum/topic.asp?TOPIC_ID=4293 . We traded there pre mkt and down it went. Seems to me, shouldn't rally back to or above 870 if we're gonna break down with follow thru today ... would potentially offer a range trading environment.

They bounced off the pivot that was giving them trouble last week. I'm looking at that inside range IB and the breakout third bar and actually think the bear pullback completed. Don't hold me to it though.

yes MM, i agree on the range.....no follow thorugh on the downside as volume and ranges shrunk on that attempted low breakout...I'lll be wathcing to see if we can get a 30 minute close above the open.....before a test of the 75 area

Dang, where the hell do these buyers keep coming from ... they're popping up like those critters in the whack-a-mole game. Stupid question, I guess. Will focus on the technicals and probably look to fade signif. S/R price levels ... although on a 30 min time frame (and others) anyone would have done well to just buy pullbacks in the uptrend for the past 8 weeks ... just like the good old days.

now that we closed above open I think they will try for that zone above....a 30 minute close below the open now will negate this up move

Bruce, there's your 30 min bar close ... just a tad below the open (at least on my charts).

How do you figure? 67 is a 50% retrace and they held 67 on the last leg.

quote:

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Originally posted by BruceM

now that we closed above open I think they will try for that zone above....a 30 minute close below the open now will negate this up move

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RTH close 4/29 869.75 // close 4/30 869.75 // open 5/1 869.75...thats a doji... LOL

don't worry we won't hold u to it...it's only paper for ya anyway.....the 30 minute closes are excellent filters...just because they got whipped a bit today doesn't chnage the effectiveness of them.......

as per the title of this thread it will be intesting to see what happens with closes above and/ or below the key zone......we are hitting the upper end now into the plus 8 - 10 zone

I like the close as a filter and can be used for larger accounts with biggers drawdowns....someday I'll elaborate a bit

keep the two sided calls coming spqr.....

"held the 67 leg" Gheesh we dropped down below 62.50...get out your calculator SPQR and subtract 8 - 10 points off the open print of 870....

always good for a chuckle SPQR!!

quote:

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Originally posted by SPQR

They bounced off the pivot that was giving them trouble last week. I'm looking at that inside range IB and the breakout third bar and actually think the bear pullback completed. Don't hold me to it though.

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equal amounts of buying and selling above the opening print...just like a neutral day without using the hour highs or lows.....so usually only two types of closes in theory...a) on an extreme or b) in the middle of the range