ES Tuesday 5-24-16

Going to keep this brief today. Low range and an inside bar on daily yesterday. So we need to be mindful of possible trend day today or larger than expected move..two areas I will be taking shorts from are the 56- 58.50 ( last weeks VA high is up here too ) and the 61 - 62 area.....to see if I can get back to the 52..50 - 54 area...the high time from last week and Mondays highs !

I will edit this in a bit..2056 and 2038 are SITYS numbers today and yesterdays missed...

R2 is at 56 today

and last possible place for shorts will be up at 65 - 66....one SD band is up there and low time is up there from 5-16....otherwise the bulls will beat me up good today as I will not be on the longside at all this morning..if we do push out last weeks VA high then probabilities suggest multiple tpo's should print there especially if we leave single prints on that breakout

it sure looks like they are gunning for the 65/66 zone.... days like these are my kryptonite. i cannot trade gap days because i always expect the gap to close and the last few times it has not and accelerated away

your r3 is up here Newkid....so this another good spot...although I though 61 was a good spot too...LOL

I'm averging in from R3 - 66....trouble with this is that we have weekly high and SITYS up at 68...so only so much heat I want to take today

62 will will be target on any shorts up here in 64 - 66 area...not gonna be a pig all I want is to make up for loser and bring in a small win if possible..

I'm also buying put options as I have that probability of returning to 58 area before the week is out

I agree..in general we have seen some difficult trade the last week or so ...do u have 30 minute vpoc at 63.50 ?

Originally posted by NewKid

it sure looks like they are gunning for the 65/66 zone.... days like these are my kryptonite. i cannot trade gap days because i always expect the gap to close and the last few times it has not and accelerated away

You are going to like this Bruce. 30 min VPOC at 61.25

its at 61.25. roughly 3k difference in contracts traded between 63.5 and 61.25

Originally posted by BruceM

I agree..in general we have seen some difficult trade the last week or so ...do u have 30 minute vpoc at 63.50 ?

Originally posted by NewKid

it sure looks like they are gunning for the 65/66 zone.... days like these are my kryptonite. i cannot trade gap days because i always expect the gap to close and the last few times it has not and accelerated away

thanks...I have high time at 64 and low time at 62 even.............I'm averaged in at 65.25 and I am losing so far on this one too...so I'm not convince they aren't pushing for last weeks highs before any roll over.....luckily the context has my fades smaller in general......I 'm not a good trend trader but I sometimes get clues to trade smaller size..

Originally posted by NewKid

You are going to like this Bruce. 30 min VPOC at 61.25

i think i am going to start sitting out the opens on out of range days because this has not been going well so far.... lesson learned

Originally posted by BruceM

I'm also buying put options as I have that probability of returning to 58 area before the week is out

What expiration do you buy Bruce and does the premium decay take a lot of profit out of the trade?