ES 7-8-2011

Here is the deveolping weekly volume profile. Trading now in the large bulge of volume between 1330-1335, essential where prices were trading before yesterdays smack up. Completely reversed now. In MP theory this large volume are should slow prices down a bit. Watch both extremes of this zone for resistance/support. Obviously the Wed low of1326.50 is now important support as well.

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week in MP review

Big picture

This week, compressed

My targets on 60 min chart. Very simple.

This is the easiest market in the world NOT to trade.

Weekend starts early

Weekly low is 1326.50 (24hr)

but if you look at that 60min chart you can see 60 minute "air" over on the left side of the chart.

the open of that single tall bar that saw price vault out of the brief consolidation overnight 6-30-11 into 7-1-11 is 1316.75

Originally posted by Lisa P

My targets on 60 min chart. Very simple.

Click image for original size

Is that 1327 target an exit or a long entry?

oooo,
good question BigMike

what happened to the effort to make some recordings regarding the point and fiqure footpprint ? Seems like a waste of time to keep having skype sessions individually when we could have something permanant posted to the forum....just looking for follow up on that..


It seems that there is no repeatable pattern that you can present to us with the foorprint charts Lisa...sometimes the big selling volume truns out to be buying and sometimes it is really selling for example.The same can be said with my work with high volume one minute bars.....that is why I only look at those spikes as attractors..

Sorry, guys - just got back from mid-day physiotherapy and read your posts.

Mike, 1327 is a support level and my short trade target level. What happens there I cannot predict. There will be buyers at this level, I am sure, but wether they will be taken out or not I cannot tell now - just like with every support/resistance level. I will watch the action and make decision when we get there.

Bruce, I was unsuccessful making a short movie in Jing. It only let me record for 5 min and the recording did not turn out well. Essentially I would have to make a movie while I am trading, which is difficult, especially with 5 min increments. I still prefer Q&A session on Skype.

With regard to a Skype session. Skype allows to have several people on a conference call with ability to post chart captions, so everyone can see it. So it will NOT be a one-on-one session. I offered to have a session with the interested traders before, but found very limited interest - in fact only one person had a Skype session with me. Others were happy with me answering their questions.

However, if anyone is interested, I still would be happy to do a Skype session on the arranged day, after market closes. If anyone is interested, please let me know and send questions or let me know what you would like me to cover.

Originally posted by BruceM


Maybe it's only me but I get the feeling that people are often wondering if you are long or short....and the posted footprints, due to the nature of buyers and sellers is not crystal clear...

Bruce, I post my big volume levels as soon as I see them, unles I have to manage a fast trade.

Most often I enter on a retest, so there is plenty of time to take a trade. This Forum takes relatively long time for me to post a comment and even longer to post a chart, but most of the time, there is plenty of time to take a trade on a retest.

When a large order pops, I have to make a decision wether it is initiating or resting order and take or not to take a trade. So a post is just that, alerting the Forum that there is an action by a large trader. Everyone would have time to make decision, if the posts were instant, like they would be in a Skype room. I cannot alert the Forum earlier, like you do, as I noticed that Mr. BigWig does not always enter at your levels, so I wait until he does enter. I post when I see them.

These days I am in and out, so not all levels get posted, especially in the mid-day.

I mark levels that have not been tested (NEAR bottom or top of the single print areas) and keep notes of them, just like you do with the single prints. Those levels tell me exactly where Mr. BigWig entered, not the 30-min time slice.

Hope this helps too