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
  • BruceM
  • 21-Jul-2011 at 10:33 AM
  • Rep: 216k
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short on 41 ....better shorts will be near that gap fill if it comes above 42.50.....but we are done with the hour range now...target is 38.50 volume
  • 1
  • Lisa P
  • 21-Jul-2011 at 10:35 AM
  • Rep: 6,498
  • Posts: 1,428
1341.75 is a "gap close" AND the next gap "bottom"
  • 1
  • BruceM
  • 21-Jul-2011 at 10:35 AM
  • Rep: 216k
  • Posts: 19.9k
nice strong trend for longs....for now...!! any push up now won't hold now....IMHO....too much...too soon..
  • 0
  • Lisa P
  • 21-Jul-2011 at 10:37 AM
  • Rep: 6,498
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First decent volume. I am short 1340.25

Click image for original size
2011 07 211036
  • 0
  • DavidS
  • 21-Jul-2011 at 10:58 AM
  • Rep: 3,181
  • Posts: 557
best spot for failure as the minimum for a C wave has been reached.
I watch internals and except for banks, look weak to me right here.
Doesn't mean they can't run it higher. Price
1337.20 and 1333 added as levels below
current 50% retrace is 1328.25
  • 0
  • Lisa P
  • 21-Jul-2011 at 10:59 AM
  • Rep: 6,498
  • Posts: 1,428
First Low Volume Node hit

Click image for original size
2011 07 211056
  • 4
  • Lisa P
  • 21-Jul-2011 at 11:01 AM
  • Rep: 6,498
  • Posts: 1,428
Sorry, wrong chart

Click image for original size
2011 07 211100
  • 3
  • BruceM
  • 21-Jul-2011 at 11:23 AM
  • Rep: 216k
  • Posts: 19.9k
runners trying for the 36 air but we need to be careful down there as there was a high volume node at the 34 - 35 area...some may try to buy in front of that....
  • 0
  • Lisa P
  • 21-Jul-2011 at 11:51 AM
  • Rep: 6,498
  • Posts: 1,428
Second Low Volume Node at 1334.75 is hit
  • 0
  • Lisa P
  • 21-Jul-2011 at 11:51 AM
  • Rep: 6,498
  • Posts: 1,428
I am out of my short
Thanks redsixspeed - appreciate the elaboration!
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