ES Short Term Trading 9-1-10

Originally posted by Big Mike

Originally posted by BruceM

biggest surprise for me so far is the lack of any real test of the 70 - 71 area....usually when we rocket through a POC of Volume there is at least a Retest attempt...like the try earlier to re-tag the 60.50 number...

Lots of reports tomorrow and hurricanes coming....I couldn't buy up here...the fader in me is too strong!! I'd rather miss the move when so far extended....so I'm still hunting shorts..

Same here! Holding short from 1077.75 looking for test of 1072 (prior highs from 8/29)

Originally posted by PAUL9

1074 was August Pivot Point (calculated using July's prices)

I mentioned this before, but I'll mention it again.
I did studies of Monday price ranges with fib extensions.
Once price hits a .618 extension of Monday's range, odds are heavily weighed that price will hit a full 1* Monday's range (Monday's RTH range added to Monday's RTH H or subtracted from Monday's RTH Low)

I call .618 extension (H-L) * .618) + Monday H, but if you use a fibbo charting tool it will be labeled 1.618 or 161.8% extension because the "1" represents the range itself. the 1* range extension would be labeled 2.000 or 200% on a fib tool.

anyway... one full extension of Monday's range above Monday's H = 1082.50, and as I say (barring a catastrophic headline) odds are high that this will be printed either later this afternoon or tomorrow.

stall in price likely now intraday as price has just hit daily 20period sma (1078.56).

that's it for me today... good luck trading.

Originally posted by PAUL9

1074 was August Pivot Point (calculated using July's prices)

I mentioned this before, but I'll mention it again.
I did studies of Monday price ranges with fib extensions.
Once price hits a .618 extension of Monday's range, odds are heavily weighed that price will hit a full 1* Monday's range (Monday's RTH range added to Monday's RTH H or subtracted from Monday's RTH Low)

I call .618 extension (H-L) * .618) + Monday H, but if you use a fibbo charting tool it will be labeled 1.618 or 161.8% extension because the "1" represents the range itself. the 1* range extension would be labeled 2.000 or 200% on a fib tool.

anyway... one full extension of Monday's range above Monday's H = 1082.50, and as I say (barring a catastrophic headline) odds are high that this will be printed either later this afternoon or tomorrow.

stall in price likely now intraday as price has just hit daily 20period sma (1078.56).

that's it for me today... good luck trading.

Originally posted by PAUL9

I gave it all to you. hundreds of hours of me looking at charts...
this is the last time I will ever mention this idiosyncrasy of Monday Fib extensions.

You can lead a horse to water... but making him do the Irish jig is a completely different situation LOL

Originally posted by PAUL9

1074 was August Pivot Point (calculated using July's prices)

I mentioned this before, but I'll mention it again.
I did studies of Monday price ranges with fib extensions.
Once price hits a .618 extension of Monday's range, odds are heavily weighed that price will hit a full 1* Monday's range (Monday's RTH range added to Monday's RTH H or subtracted from Monday's RTH Low)

I call .618 extension (H-L) * .618) + Monday H, but if you use a fibbo charting tool it will be labeled 1.618 or 161.8% extension because the "1" represents the range itself. the 1* range extension would be labeled 2.000 or 200% on a fib tool.

anyway... one full extension of Monday's range above Monday's H = 1082.50, and as I say (barring a catastrophic headline) odds are high that this will be printed either later this afternoon or tomorrow.

stall in price likely now intraday as price has just hit daily 20period sma (1078.56).

that's it for me today... good luck trading.

Originally posted by rburns

Am I understanding this correctly? Take Mon H and L. Any .61 move off the bottom or top of the days range will produce a 1.61 move either higher or lower than the days range.