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

gap in the data and triples below......the 42 area..chart later

here's a look at the gap in the data at 42 and the triples at 41.25...two compelling reasons to get short especially since they cleaned up the triple leftovers from monday......,I'm flat at 41.50.....4 on and 4 off....not getting too greedy even though they might want to test that huge volume down below......!

One last thing is that we are also counting on some folks trying to get short above 41 as that was the upper end of the volume range.....hope that helps somebody

36.25 - 38.50 has to be on our radar.....somebody with more than all of us was all over that

Hey Bruce..do you have triple at 35.25?

I sure do and if it wasn't for that tremendous volume surge I would have been trading for it....we still need to keep track of it though...they'll run it soon....like tomorrow !!

Originally posted by jyonkeeod

Hey Bruce..do you have triple at 35.25?

if it wasn't for the 8:30 reports I'd be trying to get short for that volume surge retest and the triples....if the market was gapped up ( instead of currently trading at yesterdays closing price)it would make me want to at least take a smll position.....

I'd prefer getting short in the 1148 - 1150 area if they pop it up after the report first....gonna be an interesting day I hope....evryone is wondering about that pop which created the highest one hour volume bar in a month....

based on the volume in the overnight, the close of Wednesday at 41.50 is attracting a lot of interest today.....using the overnight volume is an excellent way to know if folks are actually interested in the close from the previous day......


Somedays the close means nothing in the RTH session and the activity in the overnight, especially after a report can help clue us in to know if they will be using the close in RTH..point is that 41.50 has to go on our radar as a key number

the plus 4 - 5.5 zone came in nice at yesterdays highs...air below still as the target and now triples

Bruce;

If you want to go down to hit your target, why did you buy
220k contracts yesterday

on the 46.50..gap at 44.50....not sure if we'll get lucky two days in a row....evil 48 - 50 key zone may flush us out

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.