ES Friday 7-8-16

2106.75 is the line to watch this morning and shorts taken from above will use that for retest point...best shorts will come from highs of 6-8 up at 2110 - 2111...will try to get a chart or two posted and edit this

first yesterday chart for reference....note the mini - bell at the top..useless with prices trading up at 2109 as I type


this is good below because it shows one of the weaknesses in using one minute time with data that is not back adjusted...note the spotty price action on this chart below



and finally here is part of overnight...if I had to pick the key lines below the 06.75 I would use the 2102 area but not the 2099 and use 2097.75 ( although that area is a zone in general I prefer to use the 2097.75 due to overnight action.and huge burst of volume that came out of that number...) 2102 is R1 so it would be nice to come back for that !

I will be trading lighter on my "normal" style of trade today but I will also be trading breaks from the one minute high or low.....doing this when we open out of range is normally a better time to do these types of trades and I am prepared to take multiple tries and stop and reverse at the opposite side of that range in order to get one good trade to run....2112 is R2 today and near the Overnight high....something us fader up here are thinking about ...I still prefer the shorts but this will be interesting this morning

over night midpoint test would be nice i got it at 98.75

taking profits on longs from OR high at 2110.50...this is in my short zone above and On high is broken .....R2 looms above for the greedy and that won't be me.....Interesting that the short from the OR low went down far enough to cover the range of the OR itself...so one could have scaled something off or tightened up the stop...also interesting was opening right near our 06.75 line ....I'd need price to come back to that in order to have a chance at the 02 area that hasn't printed yet but first will concentrate to see if I can find a short up here...this is tricky knowing that the R2 is nearby but getting back under the O/N high might help

any shorts from above will try to get back to the first one minute high !

trying small shorts off 2113 to try to get back to 2111 and maybe lower but this will probably be last trade of the day for me

if anyone's still trading you might use the volume spike concept.....which is basically if strong volume doesn't come in on pushes higher they will go back to the previous volume...currently previous volume sits at 15.50 so expecting a retest I thin is wise

this didn't return today but notice how we have single prints at the 16 area so 15.50 - 16 becomes a future area to be aware of

Originally posted by BruceM

if anyone's still trading you might use the volume spike concept.....which is basically if strong volume doesn't come in on pushes higher they will go back to the previous volume...currently previous volume sits at 15.50 so expecting a retest I thin is wise