ES short term trading 4-29-10

this might be setting up for a great short above. possibly 1205

Going short at 1202 resistance at 02.25 then next is 07.25

added atthe hour breakout...LTP = air below...interesting so far

FWIW
5 day average of H versus Open comes in today at 1203.70

duplicate...deleted

next logical resitance point for me is up at 1206..and I really don't want it to go there

Took my hit out at 03.25 may try again at 07

With the mkt acting like it has more "legs," and holds above that 1200 zone then next potential stopping points I've had are 1207 and then 1210. For a visual, here's what I'm referring to on a chart I posted a day or two ago: http://www.mypivots.com/Board/Topic/5641/1/es-short-term-trading-for-4-28-10

cool ..I added at 1203.75 but light today for reasons already mentioned...avergaed in at 1202....obviously not liking this...if they can't test 1201.25 then I am in trouble here

Originally posted by PAUL9

FWIW
5 day average of H versus Open comes in today at 1203.70

The lift was really a filling of one of Bruce's AIR bars, wasn't it.

Bar I am referencing is 5m bar completed at 11:15 EDT on 4/27. Open of that bar was 1203.75

When I first read BruceM's non-overlapping bars, I incorrectly thought they were something I pay attention to (after reading his explanation I realized it wasn't)

My addendum (not True 5 m Air) is what I call a Breaker Bar., Price is in something sideways, a ledge, then there is a bar that starts out inside the ledge, but ends well outside the ledge, in this case it was a down move.

I can't quantify percentages, I can only give you observations wrought from hours and hours and years and years of blinding myself with chart study, but often, price can come all the way back to print at/within a tick or 2 of the Open of a 30m BreakerBar.

It did it already for the 5min, but I also look at 30min BreakerBars

If you look at 4/27 with 30min bars, BreakerBar has open of 1205.75. (BreakerBar completed at 11:30 on Tues, 4/27). So 05 handle still possible. I do think it is better when 30m and 5m breaker bars both have same open.

Originally posted by redsixspeed

Originally posted by redsixspeed

Maby EOM profit taking tomorrow; then back up next week...

..

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Looks like the first part; profit taking; is right on.

We'll see if we go back up next week, maby start back
up in the globex session Sunday

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Well they took their profit and went right back up..lol.