ES short term trading 6-24-10

So just how important will the O/N low be ? I think very important as that is right at the very peak of the long term composite of 1078 !! Last two days of the $ ticks show slight up divergence and the 3 WAR has been achieved....

Hoping all that sets up the long side for us and at a minimum a half gap fill at the open ideally into the 85 - 87.50 area...This will be fourth down day and that would mean that the dumb money will be trying to sell......

Could be wrong of course but I'd be cautious on the short side especially if they run it down first today!!

So starting a small long at 81.25....long way to go until open and O/N trading still messes me up..

Only add will be in RTH below 78...

peculiar event, must post

I still have charts of AH only that have the previous day's AH range with extensions overlayed on the current day's AH.

Current AH lows hit 200% extension down of Tue-Wed AH range. (This 200% is 2 times the range subtracted from the AH Low, all based on previous day AH, not today's AH)

Last time that happened was JUN 1, (special day, 1st of month, but...

On JUn 1, Px rose into 9:30 open, then rose to print 4pts above the pivot for the day, and then did an about face in the 10:30 to 11:00 window, dropped some and then tried for higher again, with a swing High failure just before 2:00pm before making a nose dive for the AH Lows.

and closed the RTH near the AH Lows...

Is knowing this worth anything?... I don't know, but I do know that it is rare in the charts I have viewed so I posted it here as a curiosity.

they may be planning another neutral day so as usual I'm not counting on any huge trend day today.....perhaps after 2 PM


we can use 80 - 77 as the support zone and 91 - 94 as resistence zones..with 87.50 in between...until the market tells us different-

will ad at 79 if it prints

Not at all like Jun1 for today. If you look at JUN1, RTH open was up and up and up 1st 3 bars (5m)

added 78.75 and 76 even..this could be rough air at 78.75 now

perhaps I'mgonna be the dumb money today

last add ws 75.25 on that 5 minute close...need 78.75 to print and will tighten up on air fills

i also wanted to believe in a rally, but the highest tick we had all morning was +327 a few minutes after the open.
AFter that, TICK couldn't get +ve, and price couldn't get above the VAL 1083.75.
It's been down, down, down.

Hard to believe we can rally from new swing lows, and very weak mkt internals, but who knows....

that was 5 down bars in a row to break that O/N low.....9 is the high end for an early flush....Ticks still diverging

Originally posted by BruceM

that was 5 down bars in a row to break that O/N low.....9 is the high end for an early flush....Ticks still diverging

Could you elaborate on this when you have time? What is the significance of 9 down bars leading to an early accelerated selloff?

Also, you only will fade (add to a position) in the morning session but not in the afternoon (because of trending) correct?

Great Piker....it sometimes hard to stand aside from the market but these trends in the afternoon have cost me lots of lost profits.....Now, when I do trade in the afternoon I'd rather miss any longside on days like this....

Paul may a good point todat which infered that in bull trends lows are made early and highs made late....so bears will make the highs early and lows late...he also posted the average open to high which was right on today..