ES short term trading 01/06/11

In order to overcome the 1273.50 resistance barrier from this afternoon, I think the ES will need to open gap up and above it.

So for tonight and tomorrows trading: If ES moves above 1272,50, will target 1276.75 as first objective, above 1276.75, 1281.25 as second obj. above 1281.25, 1285.75 as third Obj.

The voiding point for that possible scenario is at 1269.25.

Below 1269.25, 1265.00 is next support.

ES trading 1272.00 @ 22:22

Will see, and as always, the market has the last word and in due time will show us the way.

Hi Kool
Same thing happening to me:}

objective was voided. ES moved to 1270.50. If below 1270.50. then 1267.00 (PvP) is next down side objective.

Originally posted by i1hunter

O/N the ES hit 1277.00. The first objective was 1276.75. Then the ES moved down and found support at 1270.75.

Currently the ES is testing yesterday's H. as SR. Moving above 1273.75 will target the overnight high 1277.00 and possibly 1281.00 (second objective.)

The above will be void if ES moves below 1270.75.

ES trading 1273.50 @ 10:31

going long here!

took majority of shorts off on second campaign at 66.50......mean reversion at it's best...va low is nearby

long from 1267.75, 2.5 stop to start.. we could easily continue to (1274.50-1270.75x 2.618=1264.68) lower but im hoping for a bounce around here!

covered at 1269.00 im going to try for a better price.. 1264.75? Im very skittish today because tho i believe we continue working our way upward over the next few days to weeks, too many are bullish, and after yesterdays positive price action we need a 'washout' to get rid of some longs! also if you review my jan calendar, you'll see why!

Va low is 66 today...FYI

66.5 also weekly RTH 50% 58.25 - 74.5 FWIW

Here is one example of double bottom, "BUT" it is in a 2M chart.

Below is a pic of 3 intraday charts from the same day session 12/31/10. A 2M chart (left), a 5M and a 10M.

In the 2M chart, notice that at 09:46, the price hits the daily support trend line and percentage support cluster (78.6% and 127.2%) then bounces off. The second 2m bar, at 09:48 opens right at support and also bounces off creating a double bottom with the opening right at the low on support.
Notice that the other time frame isolators where working their way down to oversold.

This set-up does not happen often but when it does it is fun to trade it.