ES 7-7-11

Sold into the 48.75...this is second post report air....with a key rat at 1350....looking for nothing but sells ...as usual...key low volume area is at 1344 so that will be the critical point to watch and also 46 as that is high volume point from O/N session

Nick P sorry I am using the next 30 min low of 1331.75\You are correct next # above is around 1353.5

Originally posted by rburns

Lisa is see you constantly posting charts but I dont know what I am looking at or for. Could you post an explanation of support or resistance and how you are using the chart. TIA RB

rburns, I have explained Footprint charts on this Forum before, so do not bother annotating now. But can answer questions.
In short, I watch for a large number of conracts (around 10K or more)to enter the market, and mark those price levels. I assume that a big trader entered the market - I call him Mr. BigWig. Blue or red color indicate wether enry was long or short. If my analysis concurs with the direction of the trade, I join it. Stop is usually small, as Mr. BigWig with his big order cannot take large stops. If he is wrong, he exits quickly and I often see it. If he is right, the trade continues until he exits, or runs into the Mr. BiggerWig.

Today MR. BigWig shorted a couple of times, but was squeezed up. That happens too. The trick is to distinguish initiating trade (Mr BigWig starting the trade) from responsive trade (Mr. BiggerWig passive order that absorbs Mr. BigWig's attempts to move the market).

I also mark price levels where big orders entered, as I imagine there would be residual orders on retest of those levels.

If you would like to discuss this more, please send me a message. I can be reached on Skype.

Thanks for the reply Lisa

Originally posted by Lorn

Good job Mike.

Originally posted by Big Mike

Lorn I am trying to become proficient with MP and Dalton's blog and webinars have helped in that regard.

One time framing is fast becoming one of my favorite setups. Like being long now @1347.75 based on the 10:30 swing low candle.

Out @1352.00

Mike, what is "one time framing", please?

Originally posted by Lisa P

Mike, what is "one time framing", please?

http://jamesdaltontrading.com/blog/glossary/#O

As good an explanation as any. Can be used on any time frame really.

Take a look at today's RTH session using 30-min bars...perfect one-timframe buying market.

Originally posted by Lisa P

Mike, what is "one time framing", please?

Originally posted by Lorn

Originally posted by Lisa P

Mike, what is "one time framing", please?

http://jamesdaltontrading.com/blog/glossary/#O

As good an explanation as any. Can be used on any time frame really.

Any time frame - days, weeks, month - but intraday is recommended to be limited to the :30's or the MP base

Is down a myth ... non-farm may answer that tomorrow ...

btw, is 7/7/11 bullish (lucky) #s ..

(is) = are lucky #s

That ES just don't want to die ...