ES Short Term Trading 01-05-2011

ON profile. You can see today we have two HVN to work with.

Pivot at 64.50 t00....so good magnets below

Ok , here comes the 1267.50 projection...still think higher later tho...1269.25? at least?

bINGO!.. JUST SOLD 1269.25...NERVOUSLY!..LOL

back into O/R of Tuesday..69.50 !! R1 sits above at 71..last try on shorts from 69.50 for me..

...my stop is at 1272.00

have 69.50 and 70.75 a 30 minute close above R1 will most likely see me exit at noon time...they like run ups at lucnh.....targeting 68.25 if not stopped

a perfect hit on R1 right there.....this crappy low volatility loves the Pivot numbers

ES testing R1 at 1270.75, and previous. day high (PDH). was 1270.00.

After some test here and holding above PDH then the objective is at 1276.00

Below 1269.00 voids the above.

ES trading 1271.00 @ 11:41

Bruce, please clarify!..you sold 69.50 enduring 2 handles of pain so far to target a 1.25 handle profit?? (68.25)

I also sold 70.75 so I moved target up closer to exit sooner

here is a look at the 30 minute closes from today. a few quick things to note:

1: The close above the hour highs
2: The close above the high from Tuesday
3: The failure ( except for the 4 pm close) to get a close above the high from Monday
4: The ping pong match of price not being able to close back below Tuesdays high and inability to sustain the close above Mondays highs

I used the concept to take a good loss. I sold the 69.50 and the 70.75 but exited when we closed above Tuesdays high on the 5th bar of the day.

I also went short the first time we went above Mondays based on a few market profile reasons.. I won't mention here. Email me if you really need to know. Here is the chart. I'm not gonna ram this concept down anyones throat. You will either see the value to it or it will be useless to you. Nuff said!