ES Friday 10-28-2011


  • 3
  • Lorn
  • 28-Oct-2011 at 9:20 AM
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Yesterday's profile with a fib projection pointing down. I'll add that projections down from the O/N high and the secondary high at 1282.25 both have zones in the 1272.50 area which is lining up nicely with that important LVN at that level.


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esvwap10272011
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  • della
  • 28-Oct-2011 at 9:21 AM
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Good Morning lorn
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  • BruceM
  • 28-Oct-2011 at 9:30 AM
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looks good Lorn...my plan is to be a buyer down near 71 - 72 as per your chart and where the current Overnight low is....


for some reason I think they will want to fill in the entire area of 69 - 78 today...especially if we eliminate the high volume at 74...then that entire area becomes low volume....

sells will be best above 82.50 with 85 being the key price to fade


tricky volume picture from yesterday..IMHO
  • 3
  • BruceM
  • 28-Oct-2011 at 9:38 AM
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this may be a stretch for some to see who are new to volume but this area ( the white lines)represents a bigger low volume area...rounding this out will make a much bigger bell curve...look at the low area on the histogram on the right


many are using that afternoon pull back low as a key price for s/r too....probably a good idea but I'm going to wait
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fillit
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  • BruceM
  • 28-Oct-2011 at 9:51 AM
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so it seems that so far they are using the 74 as a magnet price so we need to think about sells above and buys under for returns back to the 74...with that in mind the buys down near 71 seem attractive to me ..the closer we can take the trade to 69 then the better off we will be......that would be an EVEN steven off the 74 area to the current days highs...
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  • della
  • 28-Oct-2011 at 9:54 AM
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  • rburns
  • 28-Oct-2011 at 10:04 AM
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chop with 2 1tic of the lows so far
  • 1
  • BruceM
  • 28-Oct-2011 at 10:05 AM
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we opened inside YD range and multiple trades through the open...not the day to be trying to hold for big trends...especially after yesterdays trend in the afternoon....fading strategies should do well
  • 1
  • Lorn
  • 28-Oct-2011 at 10:08 AM
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Absolutely Bruce. One must learn to know when to adjust holding targets. Its still early in the day, things will develop as the day marches onward.

Originally posted by BruceM

we opened inside YD range and multiple trades through the open...not the day to be trying to hold for big trends...especially after yesterdays trend in the afternoon....fading strategies should do well
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  • BruceM
  • 28-Oct-2011 at 10:15 AM
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the 30 minute chart is attempting to form a double bottom...still 15 minutes to close but that in general is not the best way to form a bottom especially given all the context for todays trading I already mentioned ....gonna run it out
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  • beyondMP
  • 28-Oct-2011 at 10:16 AM
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In the "good old days" (before rampant volatility) a consolidation day often followed a huge directional day.
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  • Lisa P
  • 28-Oct-2011 at 3:56 PM
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