ES short term Trading 5-03-10

Lots of numbers in the 88 - 92 zone..Confluence of weekly and daily PV numbers and the HVP is there...The weekly has HVP at 1189...should be a good magnet for those who can find longs. Right above is low volume (94-96)off the weekly so we need to watch that area closely if/when it gets up there. I personally wouldn't favor staying long above 92 as then we start falling into the low volume air pocket of the weekly.

We have previous weekly lows, key round numbers and S1 falling in the 75 - 77 area.

1200 - 1203 is next resistance as we have key numbers, HVP and the R1 level . That will be a challenge I think to get to on MOnday.

Lets see in the morning what has happened overnight...I'd like to see lower prices O/N to set up long trades in the morning.



Good luck tomorrow everyone.

Originally posted by BruceM

we had peak volume from overnight, the va low and the midpoint all coming in at the 86 - 88 area.....so pick one...LOL...I won't be surprised at the complete gap fill later but conflicted as they haven't tagged 94 - 96 from the weekly

Originally posted by phileo

1187 looking more and more like a reversal. Prices is back above the open now.
What was so special about 1187 ?

dang, you're right again, Bruce.
Also, NQ did not make lower lows on that ES sell sequence, that was +ve divergence. Unfortunately, I was not looking at NQ at the time.

NQ looking strong, could lead the mkt higher here

short on the 95.25 for those 92's...could take all day...High $tick....careful...these can fail as too obvious sometimes

Originally posted by koolblue

The way i analyse the above chart is notice the red and white avg's. If your bullish those will hold any retrace for continued trend up.. so thats between 1190.25 and 1191.50. That would be your buy zone. Note also ,that fornnow at least red above white above grey is of course a bullish alignment . the 13 min does not show it yet as you can see from my previous posting , but will as long as we dont spend a lot of time below 1190.

Good analysis, koolblue.
1190 is the opening price, I think it's a good marker for the bull/bear line for today.
VWAP starting to turn up now... above 1196 and we could easily see 1200+

i went ahead and exited a little early at 1197.75 prob not a good idea...but i didn't want to deal w/ a quick snap back.

dam! tried to buy 1191.50 only went to 1192.00!!

gotthe plus 10 shorts as add on....but no reason this can't keep running...looking for 96 retest

well, missed that one! If youve been watching my charts then you know there should be at least a short term pause here at around 1198.25-1199.50. Then i expect to continue to 'D' O/N THE TRIANGLE CHART.

tricky trade as we continue to just blow through that 95 area...last week twice and now today...so this is a tough fade at a bad time of day

gotta run for a bit . order to sell 1203.25...

last and final add at 1200 print...triples at 98.50..air at 96.25...

Originally posted by BruceM

There is no "air" there as I define it but perhaps you could elaborate...nice opening trade you took today..well done indeed.


Best air that needs to get tested is 94.25 - 95.50 from Mondays trade...the same spot I had my initial short..that's a cool zone

Originally posted by ak1

Can they march on without touching 1192????? We have 1 tick air there.

If we take a 30 min candle chart and apply a buy or sell (given the open of the current 30 min candle) at high, low and close of a previous 30 min. candle with a 1 tick profit. Each level should be profitable. If not we have air. As the market can rally it is not advisable to do it in a live account. Run a demo account side by side to diagnose it.