ES Thur 7-21-11


L bracket single print at 1316.50 from Tuesday's session formed the support price for early overnight action for Thursday's trading session. Low price dropped down to 1315.75 and single print was 1316.50. Draw down was 3 ticks and max run-up was 1325.75 (9.25 points from single print) so far.

Click image for original size
Early evening action for trading day 21 July 2011, single print holds.


(No I did not trade this. Yes this is after the fact. As I stated a few days ago I'm going to try and point out winning and failing single print trades. Although this is a great example of a winning one there are losing ones as well. I'll try and point them all out. Let me know if I miss any - both winning and losing.)
  • 2
  • PAUL9
  • 21-Jul-2011 at 9:39 AM
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Thanks for the chart and the explanation, DT

Yesterday, price tested the previous week's High (1327.75) and price was rejected.

Today, increased chances for some upside if the previous week's H acts like support.
  • 1
  • BruceM
  • 21-Jul-2011 at 9:49 AM
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this 34 - 35 is my initial resistance area for short fades today....lots of volume was here
  • 1
  • BruceM
  • 21-Jul-2011 at 9:56 AM
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air pocket into 30.50...reports gonna hit soon!!
  • 1
  • BruceM
  • 21-Jul-2011 at 9:58 AM
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that's early for a plus 1350 $tick reading!!!
  • 1
  • DavidS
  • 21-Jul-2011 at 10:05 AM
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1332 the level to use here and perfect touch off it there on the 1 min chart so far
1337 and 1340 above
so far, a classic diagonal and failure would need to break that 1315 double bottom level(diagonals create their own support)
under 1332, if so
1329.75 1324.5
  • 2
  • BruceM
  • 21-Jul-2011 at 10:07 AM
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FINALLY GETTING AN EARLY WARNING FOR POSSIBLE SHORTS UP NEAR 1338
Because we opened above the value area again, like yesterday, Market Profile theory states that the VAH (1324.50) should be a support area if we come back down.
  • 0
  • BruceM
  • 21-Jul-2011 at 10:20 AM
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TWO SETS OF AIR SO MY FOCUS IS THE THE 35.25 RETEST.....
  • 1
  • DavidS
  • 21-Jul-2011 at 10:23 AM
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equidistant move would go to 1350,which is also the downtrend line area from the 2 higher highs, can go higher.
not reaching it would be a failure and a warning
that's the use of the levels as having a target and the path to it are two different things.
personally,I'm watching the hour candles as this should be a 3rd wave if a diagonal
1332 key level
  • 0
  • PAUL9
  • 21-Jul-2011 at 10:26 AM
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I think you have to look at the EUR/USD to trade today's ES
Thanks redsixspeed - appreciate the elaboration!
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