Es short term trading 7-13-10

short 86.50 in O/N as this is a secondary Resistance point....... up top there is 94 - 95, then 1101 and the 1108 - 1110 . we know a big move is coming with the reduced volatility......and we will gap up most likely in RTH. I don't want to get caught in a trend.

Looking for 81.50 to be tested in RTH.

To me this post is probably more important then the entries/ explainations I have posted as it shows me growing as a trader and trying to keep an open mind. If I could vote my own post up then I would on this one...lol.

Ok, I was short and expecting double lows to be broken but as I watched the trade go nowhere and time was running out, I thought about the following.

1)I had a key zone of 1084 - 1087 as per the "Current Mp Charts" thread.
2)we were accepting those prices as we couldn't sell off and we spent two , 30 minute periods in and around that zone ( double TPO's) . Price X Time equals Value...so value is established higher..!!!

3)I had been watching the O/N high as that is a citical point to always watch....especially on a gap

4) So look what happend at Bar A..we come down and test the O/N high on more time and hold....then we begin to rally up...

5) Now while I'm still not quick enough to stop and reverse I knew to get out .

6) We should be able to think a bit more to try and fiqure out which way the hour high or low will break out..using these same concepts.

Originally posted by BruceM

took the loss at 90.50...reason to follow..gotta go swim...

Not a good looking close, marginal high. Pattern discussed earlier.
Will be flipping the switch tomorrow I'm thinking unless above high in AM( and will wait til then.) Have a good one.

can't believe they closed that neutral into my 89 number....didn't think they could do it.....further downside tomorrow on an expected strong seasonal up day.....we'll see if they win again...disappointed in the longer term profile work though!!!

ah new high

working two shorts at 96.50....will re- evalutae at 6 pm or 90 as target...

INTC -"best qtr ever"

how about the estimates for future quarters...that will be key to their report??

Hey David...if you get a chance can you get us more specifics on what you look at...I'm having trouble following as I don't use fibs of waves..thanks

Two days of up move with low volume....
Conventional analysis says the market is losing steam....but
the market continues to rally.
Anyone here started placing their shorts?