ES Tuesday 3-3-2015

Bands for the day. Good luck to all.

Joe, I did not quite understand your statement. The 10:00 close was 04, correct? So you take longs off of the high bar that closes above 2105? Thanks

Originally posted by CharterJoe

10:00 close above 105. and just now ticking above that high on that bar. obvious targets open price,

you are correct. 10:05 bar is the one I was referring to

there is only a 1 tic difference between today's and YD's lows. there is a good chance they go and clean it up to leave a buying tail because there is none right now. problem is that then Friday's low comes into play as well so it could trigger a bunch of stops if we get there. i hope it stays up for the longs...

got stopped at 04.75...on last runner......need to see trade build a bit above 05.50 to think about longs or else will watch if they can push under Fridays lows....still like longs but don't wantto battle that 05.50 HTM node...

nice call new kid

Originally posted by NewKid

YD's VAL was 7.25 and they bounced off of that a few times before taking out YD's singles so i expect that to provide some resistance

The red line is YD's VAL @ 7.25. Notice how in the morning we blew past it on the big down bar, came back to it in the next 4-5 bars trying to take it out but we could never get back into YD's value. This coupled with the fact there were single prints below 7.25 made it an ideal setup to go clean those up. And that is precisely what the market did. It was an ideal setup, which I failed to trade again. Then after the rally from the lows, we again came back to 7, tested the VAL again and sold off. This shows that today's value (as of now) is developing lower. We would need to take out YD and Friday lows to see any more follow through.

thanks Bruce. even a blind squirrel finds a nut once in a while.

Originally posted by BruceM

nice call new kid

Originally posted by NewKid

YD's VAL was 7.25 and they bounced off of that a few times before taking out YD's singles so i expect that to provide some resistance

do you then place your stop at 2102.5 (the next lower band) or is it the low of the high bar or something similar to it?

Originally posted by CharterJoe

you are correct. 10:05 bar is the one I was referring to

The stop would be 1 tick below the bar that close below any horizontal level. which at the moment would be 2104. there was a close below 105 at 10:25 but price didn't go beyond that bars low.

I didn't go long I was exiting a previous long. and getting some shorts in eur/usd. Good thing too sloped around highier high, lower low, inside bar, outside bar. very dangerous trading.

my bad, i was referring to the range of yesterday coming in at 97.50. But the 150% extension for me came in at 95.5. ie 50% of yesterdays range, 6.5 below yesterdays low of 2102 comes in at 2095.50.