ES Short Term Trading 6-23-10

Here's what I've got as a Price Action S/R "MAP" ... the Red lines are potential significant S/R levels with Magenta semi-significant. The Cyan dashed lines are the Wkly Pivot levels. The Light Blue bars on the right vertical side of the chart represent Volume at Price on this 30-minute, 20 day chart:



Hope this is helpful to all ... and definitely follow MP analysis and your own analysis where things may line up and add significance at price levels for getting off a decent risk/reward trade.

And don't forget ... Wednesday is FOMC day ... stands for F*@K(ng Overall Massive Catastrophe for ____________ (fill in blank with your favorite pet peeve)!

Originally posted by phileo

Originally posted by phileo

waiting for the econ.numbers to come out, then will look to buy 1086 gap fill from last monday (Jun 14)

um... maybe not... bad numbers, wait for the dust to settle first.

tried a long 1083.75 stopped out.
1085-1086 is the key here, this was last monday's low and close.
Below that, bearish, above it, bullish.

From a stat/quant PoV, Fed day is supposed to be bullish, but it's not looking too good for a close above the open (1091.25) right now.

Originally posted by BruceM

Full 3 war just hit Too....certainly not as reliable as price points.


Big volume node at 78 - 81 from composite...hopefully to prop up the market....

maybe double bottom test 1081?

we got the higher low 1081.5, and now the first +ve TICK extreme of the day.
Will look to enter long on the next tick pullback.

one off at 85.25 print..81.75 or 87 will take last one out...good luck today !!

this is the 2nd time i've seen the crude inventory rpt move the ES.
There may be a way to play this, as this happens every Wed. 730am PST.

Originally posted by phileo

we got the higher low 1081.5, and now the first +ve TICK extreme of the day.
Will look to enter long on the next tick pullback.

long 1083.75

Originally posted by phileo

Originally posted by phileo

we got the higher low 1081.5, and now the first +ve TICK extreme of the day.
Will look to enter long on the next tick pullback.

long 1083.75

out 1085
hit and run trading....

Air pocket 1087 and also LVN.
1087.25 was also the pre-drop low.
should be some resistance here

where is everyone?

1087 has been "filled" in
price has retraced the majority of the drop from the econ.rpt
next resistance zone is 1089-1091.

1089.25 was yesterday's lo
1090.5 was yesterday's close
1091.25 was today's RTH open.

The PA looks to me like it is setting up for a relief rally once the FOMC report comes out.
I will be looking to go long on extreme down spikes on the FOMC rpt....

amazing...the 10 a'm reports created more volume on a one minute spike then the fed announcement...

87 - 89 get top billing from todays trade.......

Originally posted by hari

2:23 bought at 1085
2:31 sold at 1090.50

fastest 5.5 pts ever for me :)

Originally posted by phileo

Euro is in a buying panic!!
TICK at +1400 !!

what the heck did big Ben say ??

fastest 4pts I've made all year