Es short term trading 6-09-10

If we can hold back any decline into 52.50 then we have a chance at seeing 84.50 and soon..we have lots of numbers there as of this writing.

Above yesterdays high and RAT we need to get past that 68.50 and 70. We naturally be a break out of the Monday - Tuesday Range.To go get 84.

The R1 and R2 levels match up with the RATs so those become more important. You can see how we consolidated at 75 - 76 so be careful there. Just because we think we are on track to go get that 84 volume area doesn't mean it will be easy.

Quick summary so far

61 - 63 Rat and O/N high so far

56 Rat and that key spike bars low..and Weekly MIDPOINT ******

50 - 52 Rat , VPOC amd POC from Tuesdays range

We have two shelves of support so watching what happens if we get down into the 50 - 56.25 RAT will be critical..

If we get down belwo 44 then we may decline to 38 realy quick. I'm hoping we don't see that today.

Wednesday is a good day for Gap fills..

30 and 15 minute charts made a higher low so that is a good sign.

look at the two failed down OVB's on the 15 minute time frame...the market couldn't even trade below either of those OVB's , lows....just for reference regarding failed OVB's.....as long as we hold the hour midrange we should go print 75

Paul, Bruce,

If 1075 is possible, then where would you get in to play this?

Sorry, phileo, I still have problem post and trade, best entry is gone, min target 74.25 minus 3 ticks (I am a 3 tick player) is 73.50

always a curiosity to me, 5 day average of H versus open comes in today at 1077.25 so that is possible too.

here is a pattern I think is worth noting...


68.00 was key (the high in between the 2 tests of yesterday's H).

It is a pattern I look for (and it was well before I ever read Jerry's dragon, it's not the same but similar...)

zone of buying interest gets bounce (todays first test of yesterday's H)

bounce runs out of mo (Imagine camel HUMP, High of mo is important)

after initial buying subsides, price retreats for retest of previous buying interest, finds buying again, price advances, exceeds H in between two lows, in a strong (intraday short-term) market, price often drifts back to test buyers resolve at the hump, strong intraday market will kiss the hump "to the tick" and then resume upside.

look at yesterday afternoon, bar that completed at 3:20 kissed Hump to the tick

Yesterday Hump was H of bar completed at 2:05, hump H was 48.50

I'm done for the day, I have a daughter graduating today.
good trading to all.

Phileo, I couldn't find one and didn't get in on that....sometimes after exiting my runners I just can't reverse...but even so , in hindsight I didn't see any good entry pattern to get long...I don't usually enter trades with specific entry patterns all the time...I start with the target.


the failure at YD high was a clue but you already mentioned that...I'm trying to find shorts now but I'f prefer that second RAT to print..


Congrats Paul...that must be an awesome feeling..u must be very proud of her!!!

look at the volume atthe 71.50 - 72 bar...I'll be using that as a short target after 75 prints... if we can getthe fade..as usual we need to monitor for a real trend...we know that 84 area is fairly close buy.....how much range do they get per day in RTH...? what is 3 day average of RTH range?


BIG Volume..be careful faders!! air at 75 now !!!...when it trends, we lose

sort and cautious 76.50...need to see only 75 print...but they know that...

Originally posted by BruceM

sort and cautious 76.50...need to see only 75 print...but they know that...

Tried to join you but couldn't get filled at 1076.25
dang....

I have one left....this is actually my second campaign up here....trying to get 70.75 on last...they gonna bust 72.50 soon but no great feel from here

triples sat there...at 72.50...no more though

Longer term players might want to refer back to the weekend preview and calendar... cycle high today ,working lower into the 14th.. DONT FORGET TOMORROW IS ROLLOVER DAY!...C YA!