ES short term trading 5-07-10

Once again a historic day. (the secular bear that started in 2000 has seen many of them!).Unlike 87,(i was trading!), unlike 98, unlike all the history made last year in a historic bear market, this crash was simply stunning. The dow plunged 1000 points not in time measured in 2 days or even all day, but in MINUTES! Welcome to the new dayz of algorithm driven robot trading! TRULY AMAZING . I didnt have many comment or posts during most of it because my charts were messing up (so i thought) and ive been around enough to know when Not to trade. I thought that was pretty much common sense, but apparently some chose otherwise. Foolish! I saw movements measured not in 1 or 2 handle increments like the 87 crash, but moves that looked like 7 or 8 handles at a time.I read one analyst who said they were closer to 20.Anyway, to the future. Like with any major earthquake, there is always the chance of small aftershocks, so please if you decide to dip your toe in the water, exercise due caution and USE PROTECTIVE STOPS!....Trust me, new highs (thats right i said new rally highs are ahead). The world isnt ending quite yet! lol

these swings are stomach churning.
I think my data feed freezing was a good thing for me in a weird way, it prevented me from trading even if I wanted to....

opening price was 1121.25, prior close was 1122.75. Get above those numbers, and buyers will have something to work with to re-challenge RTH high 1132.75

Originally posted by johnpr2010

Originally posted by phileo

Originally posted by johnpr2010

I see a short area @1115.75

Well, your lvl was acting like resistance for a short while.
May have been good for a 2pt scalp.
What was your reasoning to go short 1115.75?

Simple I draw a fib retracement from day session low to next candle HH after a LH. Then took out levels 161.8 to short on my discretion.

Using 1106, I got 1115.5 .... close enough, thanks!
what kind of tool/software are u using, out of curiousity ?

i'll likely be a buyer if the 1085 level is achieved...2 this time

rejected by prior close 1122.75. But it's building a nice ascending triangle pattern of higher lows, maybe on the next attempt, it might break above.
Failure, of course, would mean a re-visit of 1090

Originally posted by phileo

rejected by prior close 1122.75. But it's building a nice ascending triangle pattern of higher lows, maybe on the next attempt, it might break above.
Failure, of course, would mean a re-visit of 1090

great analysis.. i voted you up.

You know, i wonder if they bring this down near the close. you'd have to be nuts to hold over the weekend!

I think i'll try a buy as close to 1113.00 as i can get. thers some airt there and the 4.236 from the 5 min bar that contains the recent swing high of 1127.75

long a couple at 1113.00... I could use a break!..lol

yippee! out at the red avg 1117.25 on both.. nice and quick .. just da way i likes it!

today's RTH range has been 41.5pts thus far.
So, the odds are good that the HoD(1132.5) and LoD(1091) has been put in for the day.

The only question now is whether price can close above 1122.75 - that's my requirement for any bullish case for next week.

thanks for the chart..have a great weekend