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.

sorry for the late posting, but that break above 1201 looks like a blow-off.
Short 1200.5, stop 1202.25

98.75 - 98.50 is still the magnet price for shorts to beat

Originally posted by phileo

sorry for the late posting, but that break above 1201 looks like a blow-off.
Short 1200.5, stop 1202.25

stop to b/e, if the next -ve TICK doesn't punch it below 1199, then i am out.....

with a bit of luck this thing will retrace back to 1194 area..otherwise the buyers will try and take it to 1206 area...

out at 1199.75, +0.75 pts on that sequence. mkt is strong.

I agree but I still think they want to print 98.25.....now if we close without doing that I'll be impressed and have less money..LOL....what happened to NQ's leadership?

This is a bad high ...hope they run out that double high first..

NQ has been range bound since 930am PST, so it's not the techs leading the afternoon rally. it might be the oil sector that is squeezing ES higher, oil has been acting strong

Originally posted by phileo


1201.75= Thurs post trend consolidation lo, also a reaction point on Friday.


Monday will be the confluence of a couple special patterns:
MATD - in my estimation, the initial MATD oscillation range will be 1180 - 1192. If the GLOBEX session stays within this range, then during RTH, I will look for long setups below 1183-ish, short setups above 1190-ish.

1st (trading day) of the month && Mutual Fund Monday -
If price < open in the afternoon, then I will look for long setups that targets the opening price.
If price > open in the afternoon, then I will look for long setups that target RTH swing hi.

opening price was 1190, so it looks like almost a done deal here that we close up yet again on Mutual Fund Monday.
once it rallied (1194), there was no pullback for me to go long.

1201.75 appears to be containing the rally, but i'm not seeing any signs of weakness, so no shorting for me.

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

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.

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.