Chart of the day

Here is a gap and triples so up here at 1227 is my sell...look at the gap in between the white lines...just couldn't hold long with that looming

a snap shot of the "P" pattern that's trying to form....look atthe volume histogram on the right side of the screen

a snap shot of the "P" pattern that's trying to form....look atthe volume histogram on the right side of the screen

having some obviosu trading and posting challenges.....screen getting cut off

an even bigger "p" pattern now that the overnight went nowhere...I would not be comfortable holding longs up here and am trying to get a short campaign working....chart later...

and so today we begin our shorts at 30.50 in the overnight...the worst place to trade so we go in small....lots of volume targets below especially 27.50 and that 23 gap area where those failed triples sit....from yesterdays failed trade

31.50 is my new RTH short after overnight high run infront of the plus 4

starting shorts now at 31.50 in overnight...because of the "p" pattern and the gap in the data down at the 1123 area and those triples I'm keeping the short bias...they should at least run out the current overnight low in the RTH session..the 1127 area

sometimes it's just useful to know which way we shouldn't be trading....for me the long side is the wrong side........either way this consolidation should get resolved by days end.... good luck today

Bruce

the 31.75 - 32.75 is now critical...we don't want to see longs push and hold it above there again.....so thin.....no plus or minus 4 ...yet..no hour break...YET...where is everyone...I need volume now!!

I think upside move is not completed yet ... It will hit 1140-1150 zone and turn back

a gap like we have at the begining of this thread is a high probability target I believe.......but it's not always easy to get them as we can tell from this weeks trading....still we knew not to be a buyer so that counts for something......

1131 - 1133 is upside resistenace.....

Yesterday was the most interesting day for quite a while as it took almost all day to hit a plus 4 number...very unusual...I think the numbers will hit quick today

I don't think the volume is an issue but it is just something I have observed. I personally would not look at 1 - 4 minute etc..you'd drive yourself crazy and find too many areas of consolidation. For me it's on the 5 minute or else I don't look for them.

Obviously they are not perfect and you can see 5 (5 minute bars) in a row down near the 988 area that have held.....those folks got rewarded but most times the triples give folks the false impression of being rewarded only to get run out later.


There are some who think that the floor or larger traders don't gun for stops.....while they may not gun for my SPECIFIC order I beleive they do know that folks are taught to keep stops just below or above swing points and consolidation areas, like the triples. This is why I am a fader and like things like previous highs and lows and volume areas. We just don't trend enough and spend a huge amount of time consolidating...

Bring up a 5 minute chart of the ES and see how often we get a trend away from a price without going back to fill in the breakout area later.....look for my thread called "Price bar overlap" soon. The RTH session begins for me at 9:30 e.s.t and ends at 4:15 . Everything outside of that time is considered the overnight session for me.

Originally posted by ak1

Thanks Bruce, if the triples are formed inside the days range on high volume will they be considered valid.Like the ones at 1006.5 on Friday. Also if we can't find triples in a 5 min. chart, is it OK to consider the 1 min chart then or do we go loking for them from 4min to 3min to 2min and then 1 min.i.e scale down.