ES Thursday 7-14-11

Just starting the thread today as no one has and 0830 EST with its three reports is almost upon us.

My immediate levels are 1318 and 1312 followed by 1307 and 1301.

Originally posted by icelandicstorm

Just starting the thread today as no one has and 0830 EST with its three reports is almost upon us.

My immediate levels are 1318 and 1312 followed by 1307 and 1301.

My only caveat would be that trades at 1318 and 1312 have come and gone already since the night session and early morning session.

icelandicstorm

Are you a profitable trader?

Originally posted by khamore1

icelandicstorm

Are you a profitable trader?

khamore1,

As a matter of fact, I am, however, I'm not giving trading advice nor am I presenting myself as someone to follow. Today's thread hadn't started and I wanted to encourage the usual posters to start posting.

I've been trading futures since 1994 and it is only after I learned about Market Profile, and Delta Buy / Sell volume, and some esoteric support and resistance numbers that I became profitable. I wait patiently like a fisherman for price to come to me.

Throw in 1315 as the 50% level of that decline yesterday
Downtrend line about 1320-21 here

I don’t want to offend you or belittle you but we have so many numbers to remember and follow sometimes more numbers in this thread can cause more confusion than help

Don't use em

Originally posted by khamore1

I don’t want to offend you or belittle you but we have so many numbers to remember and follow sometimes more numbers in this thread can cause more confusion than help

khamore1,

No offense taken. I really just wanted to beg for the regulars to start the thread.

David,

I agree 100%. Only use what makes sense. I copied a gem of an idea from yesterday's thread posted by BigMike.

I don’t want to offend you or belittle you but we have so many numbers to remember and follow sometimes more numbers in this thread can cause more confusion than help

So we shouldn't look at what this person has to offer?

No one should be discouraged from posting their thoughts on the market as long as they do not abuse that privelege. That's my opinion. Thank you.

most would be wise to remember it's options expiration week still......these kinds of weeks they pick two key rats based on the CASH index to keep it away from......this week it is 1325 and 1300...so it should be no surprise what we have seen so far this week......usually the later part of thursday sees them trying to finally push out of the range they established the first 3 days of the week even if it's only a little bit


All numbers are welcome to be posted here and I don't think anyones numbers should be considered more important than anyone elses. It is up to the end reader to come up with their own numbers and trade with them. Nobody should be dependant on anyones numbers to trade from.

So please continue to post any and all numbers...as usual it would be ideal to hav ethe reasons behind the numbers so we can follow along.

Good luck today...1310.50 is key support for me as it is a low volume area from the overnight...if they blow through it on the downside they should pop back up to retest it from below in the day session. I still like the weekly open print up in the 23 - 25 area as resistence..

1317 to 1318 has been real tricky these last couple of hours. I've been scalping for 1 to 4 ticks but my usual is to look for at least 2 points. I've decided to enter a short here at 1317 with an initial target of 1315 followed by lower. Stop is 1319.

Reason to follow.

Now that the trading day is done, I've given some thought to how in my mind I structure a day like today or rather how I try to think through a pattern to the day based on where we are in an hourly trend / daily trend.

So, things I keep in mind, we were in an up trend for the last couple of days. This would give me a check in the short bias box.

Three 0830 reports and not much happens. We are near the highs of the day. Another check in the short bias column.

It is only Thursday. This is a check in the "Probably going to stay in the last couple of day's range and have no explosive moves up or down beyond the established high / low of that range" column.

Now, based on the above, a sell at 1318 today looking for 3 - 5 points was in order. It could even be argued that if you were inclined to focus on taking only 1 - 2 best trades of the day that a sell there, followed by a separate ATM order to buy at 1305 or so were the two trades to take today.

I also traded the levels I posted in my first post to start the thread today, but that is much more complicated to explain. It involves a minimum of 4 lots, an ATM strategy with profit target, auto break even stop plus auto stop adjustment, and discretionary lifting of lots prior to the break even stop getting hit etc etc.

The above S/R trades are initiated based on how many times has the S/R been approached, what is the tape telling me, what is Delta Buy / Sell volume telling me etc.