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

starting small longs at 81.50 today...I don't wantto get caught in the slow drip down if it happens ahead of the fed....the 10 point players could try to push it down into the 72 - 73 area and that would be painful

all out on 3 contracts at 85.75.......that was the minus 4 - 5.5 zone into a key area...back to opening range low

Unfortunately we gotta throw more numbers on the chart....specifically the 1107 - 1108......above that is 1112 - 1113....good magnets for any 8:30 report upmove

the way the overnight profile is shaping up it may be a good plan to bracket the 10 minute range just before the 8:30 reports.....especially if they keep it near this 1100 volume ..then we can target that unfilled gap at the overnight high or the 95 - 96 area....I prefer the long breakout personally...that gap at the highs is obvious for us gap players

i beleieve it's high odds that they clean up that gap at the overnight high sometime in the day session...so holding long bias..trying to get a long at 96 in day session...reason comes later

working 95.75 and 93.75...long

final add was 91.75..looking for 95 area to tighten/exit

took the loser at 91.50...trying again from 86.50 and watching for hour breakdown

looking for a 91.25 retest unless we are in trend mode down....

added on the break down.at 84.25..the 10 pointers will try for the 82 - 83 if they can do it... I'll get my 91 area and much higher..tough day so far....trends we lose


edit...typos

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.