ES short term trading 5-25-10

Intense overnight action , pretty much drives a nail into the bulls heart i think. Breaking the 1036.25 feb low would be devastating. I had hoped that we would find a bottom by the 24th,and as we havent broken the feb low yet , we surely seem destined to do so. I said yesterday i thought today might be the bulls last chance. Prophetic to say the least. i believe the original target of 1014 or so may be in the works,although a short ,quick rebound rally could occur at any time.In fact i got home right as we were hitting 1041.50 and went long instinctively at 1042.25. Remember the previous weekend preview, that 1041.50 number was explained. my one min chart showed 1.618 at 1045.50 and 2.618 around 1048 so i exited early at 1045.00. truth be told that was a pretty lucky trade. Were already 30 handles south of yesterdays close and tho i have no idea what happens between now and the open, i'll bet we see lower yet today. Take note that even tho the june es feb low was 1036.25, the current globex low of 1041.50 equates roughly with a cash spx exactly at its feb low!(1044 if memory serves) . Again ,not good! Gonna sleep.. see ya soon.

I'm here! A little pissed at myself for not getting short 1058 - but it will be back :-)

And as today may be my last posts , heres a sneak preview of June so far!...

Keep up the good work guys, its most appreciated. By the way Kool, I spent a frustrating weekend and gave up trying to figure out the prc settings:}

Originally posted by koolblue

I use ninja and its simply the fib extention tool under drawing tools i have it set for 1.618 (most often hit, almost a given) 2.618 (the usual target in a decent uptrend or downtrend) and the 'termination ratio' 4.236 achived during very strong moves and often an important turn point. The premise is that the initial move forecasts how much gas is in the tank for a move... maybe this will help....

Click image for original size

Thanks Kool, that helps a lot!

Any else here see a possible dragon pattern here. Hold the low and a break of about 70 on the upside. Im lookinf for 60-62 area to try a short.

i followed my plan.

Good for you ,Feng!...

Originally posted by koolblue

Is anybody here besides me and Bruce? ... Lets have a roll call! I want to see if continuing this thread is helpful (cause its really difficult to trade and post!).. so if you want more better sound off!

Hey, kool, I follow along, partly because my room is empty lately except for me. Sometimes one or two people show up for awhile, and post a bit. I have a few that are regulars and post, but mostly I'm just posting endlessly to myself. There are some readers, but despite being asked it is tough to even get them to post that they are reading! I can't explain it. People are endlessly paying for chat rooms, there are hundreds, thousands of pages in this forum asking about and discussing various services, people are falling all over themselves to pay big money monthly, and yet 'rooms' like this one, and mine, sit basically idle. Go figure...

I know, Jim, its frustrating ... sometimes i spend hours and hours on weekends putting together a preview, and live on 4 hours sleep a day to post during the week.. and if its all for 4 or 5 individuals , i'm not sure its worth it!

As a newer visitor to this board, I was unsure what the rules were in posting. Typically in chatrooms (especially pay rooms), only the moderators and other head traders do the talking. So that is why I initially lurked and then posted only occasionally. I was simply unaware of the rules.

Jim, I can't get into your room. It says I am unauthorized and I have no idea how to get authorization.

now how about 68.75...that would be perfect....as long as 75 doesn't hold......otherwise they will revist 81.25.... c ya in the a.m.