ES Short Term Trading 01-20-2011

O/N Profile. Notice the blue 200-period moving average which prices have found resistance on...

keys for me are 73.50 - 75 and 81.50 - 83.....lots or reports today so fades are riskier......prefer to look for buys under yesterdays lows..


next zone below is 63 - 66..if sellers come back in

small longs at 72 print..

Also buying here at 1271.25

75 is critical on options experation time frame.....so ideal will be a retest from below...reports soon so not waiting long here

reasons....

Took one off at 1274.00. plus 2.75 in the bank ,stop raised to b.e. and holding the runner...

5 min air just filled at 1275.50

flat at 75.25 ..open print...all 3 off at once....waiting utill 10:10 to look for trades

exiting here at 1277.50

That exit was cause we exceeded the upper prc band on the one min chart(short term over extended) and we were at the upper band on the 5 min chart also.

Good eyes and sorry for not seeing this post earlier. Gaps in the data are my least favorite target as I have seen them fail the most. Although I do like to keep track of them . I still have one at 1219 I think and down at 1190 so trying hold for those would have been a mistake.

On this day here I would have prefered to see something else to go along with that gap or else I would have waited until we came back out of the 60 minute low. It's a good target as it is on a low so an obvious inflection point. If the weakness in the NQ can carry over into Monday then we should see that run out soon but not because of the gap in data. I guess many don't follow that idea...probably just as well then...thanks for the reply

Originally posted by dutch

I noticed looking over everyones posts on todays price action (very informative) there was not one mention in regards to the 5min gap left from 11:30 to 11:35.
Question...being in a possible short term downtrend, would you look to this gap as a target,or would this gap have little or no influence in your planing.
Thanks