Looking to sell ?

This 1047 - 1050 area..lots of volume firing off up here....good day for a gap fill...

nice call on that 87 area MM too!! in hindsight it seemed that they smart money was getting short ahead of that in the 85 - 86 area,,,interesting concept...

Thanks Bruce ... hadn't thought of it that way, but in retrospect makes some sense ... what kind of surprised me was the amount of volume (big money sellers) that entered the market when it broke below 1082 ... I'd shorted 2 at 82.25 as that tight, bounceless ledge formed on the 1 min chart, anticipating a drop to the morning low ... exited at 78.25 ... and the move from 1082 continuted to 1068.25 inside of 10 minutes with nary a bounce ... on persistent volume, more than is typical at mkt open and its first 30-60mins. Didn't see that one coming.

Anyway, besides the Wkly and Daily "floor pivots" ... I've got first potential price action resistance area at 1071 zone and still have 1082 on the radar along with yday's RTH high of 1088.50

For potential support areas I've got 1061 initially and then the 1055 zone.

Today's daily bar broke out to the DOWN side out of the tight daily consolidation like it has several times before on the same type of patterns since the March bull run as I'd mentioned in an earlier post today. Looks like there's been a tendency for a couple/few days pullback and then buyers push it back to new highs shortly thereafter.

Kool's analysis that he pointed out was suggestive of perhaps even more room to the downside this time (if I'm quoting him close enough).

quote:

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Originally posted by BruceM


Your second question...in hindsight holding that last contract would have been great but I was thinking about the time of day, being inside the 60 minute range and the ability of volume to attract and reattract price.....sometimes it takes TIME to reject a level....we still don't want winners to turn into losers. I also like to have the market go in my favor fairly quickly as it is boring and frustrating to watch price ping-pong all over the place in a tight range....sorry I can't be more clear...and sorry for missing this one

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Thanks Bruce,

I felt it had to do with your philosophy of not leaving the money on the table too long and also not having winners turn into losers.

There was no opinion express in my question, it was just a question.

I have thought long and hard over the question of short-term trades and longer term trades - still haven't decided ! :-)

Thanks for the reply.

That's cool Blue..no problem......I'm no good at longer term trades although I keep trying, I just can't hold too long and never trust the overnight session...for me, my longer term stuff is in my IRA accounts and 3 rental properties, that's how I make up for my lack of prowness in long term trading.....my Williams experiment proves that too.....I think I need the instant feedback that day trading affords..today my first resitence upside is that 70-71 area, then 79 - 80....all the big volume thusts as usual

I'm looking to see if we can get the "W" pattern off the 5 minute which would imply that thet will run it up into the overnight high after this next push down....no plus or minus 4 ...yet!!!

long at 57.50 after the probability of yesterdays low and the minus 4 hitting...61 -62 even more critical now that "air" has formed there...so that is initial target....

good fill but I find good entries sometimes don't hit my targets...

64.50 is my best...trying to hold two for new highs.....problem is that we favor some chop near open print.....so trying for new RTH highs is agressive and that 61-62 may be a magnet to downside again

quote:

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Originally posted by koolblue

GREAT JOB BRUCE!

Click image for original size

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...HOPEFULLY ,THE CHART I POSTED FOR YOU YESTERDAY WAS OF SOME USE! AS YOU CAN SEE I PLAINLY CIRCLED THE AREAS OF MAIN SUPPORT! YOU CAN ALSO SEE WHY YOU DIDNT WANT THAT 1054-1057 AREA TO GIVE WAY... ITS A LONG WAY DOWN TO 1030!! ..GREAT FILL BRUCE!

quote:

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Originally posted by BruceM

I just can't hold too long and never trust the overnight session...

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Just because your a longer term trader doesn't mean you will make more.
I have am in a trade with a large lot, short the pound long the dollar since friday. Dollar has been going up but not against the Pound (which by the way GB is still in rescission ???) I have come to the conclusion Europeans cannot trade, and we should not give them a session...I am willing to bet that if you made a system where the Euros go counter to the US, and you beat against the London session, you will make money.

I SAID A DAY GO IF 1033 DOESNT HOLD WE'LL LIKELY GET A TEST OF 1018-19.50.. STILL FEEL THAT WAY