ES Short Term Trading 11-29-2010


  • 5
  • Lorn
  • 29-Nov-2010 at 8:39 AM
  • Rep: 16k
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Getting things started for the new week here is a chart with cumulative delta on the bottom pane. This indicator tracks the difference between bid volume and ask volume. You can see the two red lines I've drawn at -98202 and -176494. These areas represent in my view last weeks buying/selling pressure zones. For prices to rally in any significant fashion delta will need to get up and through that -98k area. Sellers still have control here in terms of cumulative contracts being in the minus side.

I hope that makes sense.


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footprint 11292010
  • 1
  • Lorn
  • 29-Nov-2010 at 9:19 AM
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Here is something else to keep an eye on today. EURUSD you can see is touching its 200 DMA (blue line).


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eurusd6
  • 1
  • BruceM
  • 29-Nov-2010 at 9:48 AM
  • Rep: 216k
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I'm trading for gap fill and higher as long as 78.75 now holds...this 78 - 81 has been a huge support zone......
  • 1
  • Lorn
  • 29-Nov-2010 at 9:51 AM
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And 1175 beneath that zone.


Originally posted by BruceM

I'm trading for gap fill and higher as long as 78.75 now holds...this 78 - 81 has been a huge support zone......
  • 0
  • BruceM
  • 29-Nov-2010 at 10:09 AM
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  • Posts: 19.9k
I'm longthe 73.75....looking for another 75 test and hopefully air up near 76..
  • 0
  • i1hunter
  • 29-Nov-2010 at 10:10 AM
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If 1171 does not hold, then 1154 is the next objective.
Below 1154 I have 1139.00 as next objective. For future reference.
  • 1
  • pt_emini
  • 29-Nov-2010 at 10:22 AM
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Looks like the market has run through the double distribution "C" pattern Bruce pointed out last week, and found some buyers down here at the lows of that zone, specifically the lows from 11/16 at 1171.00. Looking back at 11/16, there was a "b" pattern formed on that day with POC at 1175.00, which is a number that traces further back into October. Also on that day, the market made some single prints with high volume at 1179.25.
  • 2
  • Lorn
  • 29-Nov-2010 at 10:23 AM
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Here are the prior two weeks of volume. Red lines marking low volume numbers, green lines marking high volume numbers. You can see we are trading at the bottom range of those two profiles.


Click image for original size
30minmp11292010
  • 1
  • BruceM
  • 29-Nov-2010 at 10:30 AM
  • Rep: 216k
  • Posts: 19.9k
that 76 77 is and will be key...that is break down point ( air pocket)and 50% back on the day .. ...still air there too so looking for longs again below 75 ideally
  • 0
  • BruceM
  • 29-Nov-2010 at 10:45 AM
  • Rep: 216k
  • Posts: 19.9k
if we can hold on to that filled air pocket at 76 - 77 and not get a 30 minute close UNDER there then they will go for 83 and 88 today........I hope!
  • 0
  • BruceM
  • 29-Nov-2010 at 11:04 AM
  • Rep: 216k
  • Posts: 19.9k
odds favor 77.50 retests from BELOW!!
  • 0
  • i1hunter
  • 29-Nov-2010 at 8:27 PM
  • Rep: 1,730
  • Posts: 268
Last few days, awesome calls Bruce!
And Lorn, great charts and perspective.

Thanks guys! Some times does helps when we are congruent. Some many different ways, one outcome!
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