ES short term trading 4-1-11

Good morning! Set for a wild open, eh! I thought i'd briefly touch on the thought process i have going into a typical trading session. First, as you may know i have a longer term bullish bias, thinking that 1241 was a supreme buying opportunity to an expected move up to 1426 at a minimum, probably by June. I am much more cautious shorter term however,feeling that a short term top may be overdue. So that the set up! Now for today! Yesterday i pointed out 2 days with a very tiny daily range in the es, would likely yield a big range (strong move) day very soon. The fact that today is unemployment day made that a no-brainer. lol. Anyway, being jobs day, remember ive shown in the past that , historically, its best to 'fade' the opening move! That means if we open down, you would want to buy! Conversely ,if we have a strong move up opening, that would be bearish!... i know thats hard to believe ,but thats just history! It certainly appears so far that the bearish scenerio,may be taking hold... in other words i'll likely be looking for shorts! And heres what im looking at as we come to the opening of the rth session...

31.75 is the key volume price...I'd prefer to see trade over 33.50 to take the fade now....higher risk on a gap up and trade outside the hour highs

flatten out at 31.75 getting a little jittery holding a short in an uptrend

You bet BruceM, after all it's our money at risk. And I appreciate the comment. But I think if one is going to post a trade for others to see it should be done as close to realtime as possible. After reading your other posts I know you feel the same.

Being the multi tasking freak that I am, I also daytrade stocks so sometimes it gets a bit hectic, but that's the fun, well besides counting your money.

short 32....rough spot...initiating at a HV node that is FORMING

wouldn't you know it? my impatience really kills me sometimes.. LOL

BACK.. and studying...

Originally posted by optimusprime

i'm showing they are going to push it to 32.25.. will wait for that number until i try any fades

excellent call there optimus !

Placing my long order at 1328.75, the 30 min median line and one min proj

thank you PT.. owe to Bruce and lorn for teaching me about volume and how to find the important levels. Like someone turning a light on ina dark room. i am still digesting the infomration but anyone who wants to elevate their skill set would be wise to go back to the es 3/31 and read it

i'm at the office so i can't post a chart but if you look at early to mid Feb the market did the same thing when they hit the 1330 levels. There seems to be a brick wall at the 1333-1335 levels. Maybe someone could look into this and confirm?
My guess is there is balance between sellers and buyers at these levels and with no significant news or reports we will stay stagnate until that changes with earnings reports or other news.
with recent flar ups of trouble in jordan and the middle east,our own senate not able to agree on a budget, i would suspect the market is approaching higher levels a little cautiously to see what happnes over the weekend.