ES Short Term Trading 7-30-10

So the POC is right at 1100 even:
http://www.mypivots.com/board/topic/5894/2/value-areas-and-point-of-control-2010-q3#64840

Economic Events for Friday:

08:30 AM GDP
08:30 AM Employment Cost Index
09:45 AM Chicago PMI
09:55 AM Consumer Sentiment
03:00 PM Farm Prices

http://www.mypivots.com/trading/economicevents

we need to start thinking...we are below the current developing volume POC from today and Yesterday...and testing YD VA low....so just because we have the ledge we don't want to miss the down move if it comes....so trade below 90.50 now will have me changing plans and looking for shorts..


and nice hold Kool!!

yes...sure is

This 15 min close will be important in terms of VWAP being support or resistance. 1093 is the number.

Big volume here on the last minute of 15 minutes. Close above VWAP.

oh yeah, Bruce.. honestly this is where it gets dicey.. i fully expected a .382 retrace and even figured this morn that a .618 was possible today ,but its getting late in the session ,and as i had hopes for an up close today,possible near my 1104.50 projection, i definitly dont want to see this low get taken out!... really it bothers me that this decline took so long. Remember, we dont want an early high(1101.25) and late low as that would be bearish going into Monday!

Lorn, good eyes...that was my secondary target on the way to that ledge but bailed too early...nice one though and glad you can see those...

see that?..if i had gone in for 2 ,i would have still had a runner going for 1085.50 or higher!...oh well, hindsight is always best.

I hear ya Kool...I was planning the following targets

92.50, then
94 and then final was going to be 97.50..just under that ledge so I wouldn't suffer..lol

still gave me 4 plus points but It;s always frustrating to bail and see the markets go in the intended direction...


Market forming the "P" pattern on this daily chart...so the buy and sell high traders are around

Is a p pattern bullish for mon. as most of the action and vol are in the top half of the range? Would that be the correct interpetation?

I only know two GOOD things about the pattern...1).They like to buy in the lower end of the stem and 2) it can from ahead of Resistance areas before breakout points near highs...not in congestion like this one....I think this is smart sellers getting ready for further selling

You're sharp,Wendy! Actually , i dont normally use fib retracements, just my Kools tools fib extentions. Sometimes, tho at what i feel may be an important high or low, I sometimes look around for any other kind of corraborating evidence to support my theory (like is there support or resistance here?,are any cycles topping or bottoming here,is this a previous high vol zone?,...etc). Probably just a confidence booster. I have never found fib retracements to be tradable. Doesnt mean they arnt, just not for me. In this case i believed the low was important in that i was looking for the daily low to be made here, and possibly for the next few sessions. I was caught a little off guard as if memory serves, i had just logged on 5-10 min before it occurred and really had no time for much study!. That in itself speaks to the power (and confidence i have) in my fib extentions. Hope this helps explain my view and actions a little better.