ES short term trading 5-26-10

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Magic numbers today......weekly pivot has not traded yet this week and that is in the 94 area....

1106.25

99 -1100

93.75 - 94****

86 - 87.50

81.25 - 83****

75 ****

68.75 - 70

61 - 62.50

56 - 57.50 ****

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Originally posted by BruceM

got 80.75 and trying to hold for 75.50 print......feng I'll respond later....failure at 81.25 will go get 75......simple stuff

still waiting for that reply...

I think most are refering to the fact that the market has a short term memory and so they watch the swing highs and lows to see if price gets accepted ( spends time) above or below these key areas...

when I think of price action I think of higher highs and higher lows for an uptrend and LL and LH for a downtrend....

there are so many ways to trade so it may not be the best way for everyone...I fade moves so some may be buying a new swing high, where I'd be looking to fade it...usually....

I wish more would chime in with a reply

Originally posted by feng456

Man i've been hoping for short alllllllll morning too. I hate trend days.

So I have a quick yes or no question. When people talk about price action and how knowing it is the 'only' way to trade, do they mean like 'oh it's likely that the price will bounce off of this last 30 minute high' because they know from previous experiences? or am i completely off...

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