ES Thursday 3-22-12

I have the weekly pivot at 1386.75 and they just stole that from us in the Overnight..so I am using that down to 1384.50 as first support ( that begins low volume area again)...above there I have 1393 - 1394 as first upside low volume key..then 97.50 - 98 as that was yesterdays challenge area and lots of time there..prefer to use that as more of a magnet then a trade initiation point.

Further below will be the critical 1379 - 80 as the breakout point from the fed day.

Y, its the 20min opening range and the band outside is supposed to contain the ATR of ES most days. It was calculated by professional traders used as an ATR method.. Its just another level to be aware of but I find it significant in ES.. When price exits this ATR for ES, it signals potential trend. That's why I recommend it to be used much the same way as the pit bull concept since ES reverts to its mean so often..

When you consider these levels along with pit bull/vwap/vwap bands/IB/Piv levels/PASR/HV/LV/Fibs/Waves and etc.. levels become everywhere and really they're all valid and probably equally dependable.. IF you can get the market bias correct.. If you don't get the directional bias or the type of day correct, the trade often becomes a guess that a level will hold and hence why many scalp the levels..

thanks for posting the chart Jedi