ES 3-11-13

I think our old friend 1542.25 is the magnet price today. A lot of activity there on Friday and in the O/N session. My preference is to sell up near the close of Friday using 1545 ( this number is at the O/N high too) - 1547.50 as my first resistance zone for the shorts.

I'm also keeping in mind that last weeks Monday - Tuesday projection up into 1553 is still valid until this weeks Mon- Tuesday range is in.

On the downside we have the O/N low which is right near that ledge from Friday at 1539.50 that never printed.

My bigger picture view is that if the 41 - 42.25 zone that was mentioned in Fridays video begins to fail and act as resistance then they will want to push back to 1534.50

Bruce,
in your pitbull strategy,

if market opens and then prints down 2.5 points, then lifts (without printing down 4 points) if the lift gets to the open, it's a buy.

My question is: is a print of that Open a buy, or is it a tick above the open?

thanks

Paul, in my revised pitbull it is the actual open print that you would be buying and this is the most aggressive trade you can make due to the buy at the open price and prone to NOISE...

the original pitbull would have bought the opening range high which my mentor called into the floor to get as it was based on the big contract


we still have a nice bell curve with the 42.25 as a magnet ...I don't see any reason to try breakout trades today...volume is off and no reports scheduled...gonna be watching any push above the O/N high up here to see if buying can dry up and price revert back down

thanks for the update.,

that 44.75 is an ugly high and since we are holding the 42 now it seems ripe to get busted

the lows are getting HIGHER !!

low volume breakout..expecting gap at 44.50 to be filled at least on the way back down but not expecting too much

In last post the gap was in reference to a gap in the data at 44.50......most should know where the VA high was coming into today's session...that is standard practice to finding good numbers....today it was 1544.50 !!

cool structure today...the multiple tests of the 42 number in the first hour is a good thing for faders....we can't expect it to happen forever before they seek out new value...nice hold above the previous close, O/N high and VA high.. so congrats to those who held a long off there...

seems they may want to go get the 85 % probability of taking out the previous days high or low

this is a fade point for me up here as we have previous days high and twice the IB projection!

Ym is leading out higher percentage wise.....this 1447.75 holds the key to us faders now in ES. safest trades happen UNDER that price

two sets of single prints below and yet another ledge at 1542.50!

almost on schedule for that test back of a 30 minute bar..it seems us shorts have so much in our way like the high of Friday etc...the only good thing is that volume formed above last weeks Overnight high and price didn't seem to move up from there..


see the bulge in volume at 49.25 now? I'm not trying to hold for any big selloff as they may need to still digest that volume node...

be thankful and move on