ES short term trading 6-08-10

By all rights , i would think today begins the rebound that everyone expected yesterday, but time will tell! Remember the weekend preview and the cycles . tomorrow they turn down ,basically for the rest of the week. tomorrow is also a kools cycle turn date and a bradley turn date so the action today should be interesting . heres a short term look as we wind down the globex session....

Took one off at 1048.00 for a 2 handle gain and stop is now break even on the other. Dont get me wrong, i have high confidence in this scalp, but im playing it safe and hoping to get some sleep soon! its just that dam red avg (15 ema ) on the 5 min chart is at 1048.50 so this could take a while!

Well shut my mouff! filled on the other at 1049.75 (one min 1.618 is 1050.00) as i was posting! nice easy scalp!.. see ya later in the morning!

Hi kool,

I wanted to say thanks for sharing your knowledge of the markets.
It is greatly appreciated !!

Eric

I think the key today is going to be this 60 - 62.50. WE had the late day selling spike which originated from there. This also happens to be the POC, the R1 level also comes in close up there too and O/N stopped so far up there. Last weeks low also.

If we can spend some time above it then we have a chance to rally. Otherwise we should in theory visit the 37 - 38 area.

Obviosuly we need to keep an eye on yesterdays lows.which matches up with the weekly s1....and the daily PV lines up at the single prints near 55 - 56.25..which is also that huge selling day spikes low..so if we open lower that could be first resistance..

I'm looking for a 20 point range minimum today and will use the Rat levels for some guidance..

so I'm basically looking at two resistance levels stacked on top of each other ...the 55 - 56.25 and then 60 - 62.50..

This was was a cool one from YD . It shows the ledge and then the Outside bar on the 30 minute off the ratchet high...you can also see the late day selloff high which will be key going forward if they test it today..

i went long 52.5

Originally posted by feng456

i went long 52.5

oops meant to say went long 50.5...target is 52.5

I would call that "Range air" and hopefully Kool or Phileo will jump in here as they watch more for that....on consolidation days that will fill in and I would assume that range air fills in quite often...

And great observation about that being the highest volume bar on the day.....you get it...awesome....see how often that gets tested

Is it any surprise that the VA low from Tuesday is in the 47 area? No, It shouldn't be as the high vertical volume comes first and then the time builds up there because price is attracted to areas that had high vertical volume..

Hopefully REd will getto the Candle questions..