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

lots of ledges below but this volume...yikes.....

here's the gap for those who didn't see it...look closely at the 44.50

how I would love to see that last minute sell off to clean up 42.50...seems like lots of stops there

I just exited the last two contracts at 42.50 in the overnight...interesting!!!

they cleaned up all the ledges in the overnight without me....still bouncing form the key 36 - 38 volume.....but we still have wednesdays triples and of course that 23 area that started this thread......all in time....!

The cool thing about these mini ranges is that it will only take one selloff day to clean up the charts from the last month of low volume...reports today.....beware..

41 - 42 seems to be the key volume area in the overnight pre - reports...no rsurprise as we thought they'd be trying to sell above the 41 number since Monday.....i think they've spent enough time filling in the 36 - 41 area and I'd like to see them break it away today.....hopefully down...

Do you think that the 5 tpo top will stay at 1148.00?

I was using that as a target for longs and I really hope we get one more blow off rally so I can get short for the correction.

In general I don't taget things from the overnight but that sure seems like a good long target...I'll be watching the first 5 minutes today and the reaction to the 9:55 numbers....we'll only test and hold that 36 - 38 area for so long so the third time down it may keep going...I hope the longs go your way though....nothing working now for me

I am with you, this is running out of gas, I would love for a good short set up 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.