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WED - 12-15-2010 - (DAY SESSION PART 1) GAP/FIRST MOVE/FIRST RETRACE - ES continued overnight flow and started in counter trend up fashion with the first price/volume long entry at 8:00 around 1232.50 (and next at the 8:30 open) that took price up to take out 1237.25 overnight highs up to...

WED - 12-15-2010 (OVERNIGHT-OPEN) MACRO – On the daily charts, the ES has broken out of the 1200-1050 bracket on the way to the 1280 area. Currently price is in an uptrend with big picture 1220 pullback to swing support. 1230 is first support. If 1230 is re-entered, look for a move to...

TUES - 12-14-2010 - (DAY SESSION PART 2) SUMMARY - After the 1:15 Fed announcement price bounced around the key 1240 resistance area for 15 minutes, twice failing to move to new highs. A failure to move above intra-day highs (also resistance high from yesterday) was followed by a counter...

TUES - 12-14-2010 - (DAY SESSION PART 2) MIDDAY UPDATE - A long bias resulted in a long set up around 10:30 in the very tricky 1240 area, that has resulted in only a 1-point gain in over an hour's time Slow end of the year trading, a mechanical trend that turned up right into key big...

I happen to use consistent trade setups for entry--the same ones over and over again. So, I think there is merit to this form of simplicity and consistency, whatever the form of set up may be. Clearly, the same setup will not provide the same exact outcome each and every time because the...

I am a trader just like many other traders here. Therefore my posting of this journal is as much to focus my own thoughts and maintain discipline for my own trading. That is of primary importance as I write this information each and every day as a way to organize my thoughts. Second, I...

TUES - 12-14-2010 - (DAY SESSION PART 1) GAP/FIRST MOVE/FIRST RETRACE - The slight gap higher today was a normal pullback in the bigger picture downtrend that started at the end of yesterday. This placed expectations for a swing lower below the lows of yesterday (1235.25) with a likely...

MON - 12-14-2010 (OVERNIGHT-OPEN) MACRO – On the daily charts, the ES has broken out of the 1200-1050 bracket on the way to the 1280 area. Currently price is in an uptrend with big picture 1220 pullback to swing support if a new daily low develops. 1230 is first support. If 1230 is...

MON 12-13-2010 - SUMMARY Looking at the daily chart, price has essentially moved straight up from 1167 to 1241, and a pullback to 1220 swing support looks likely as daily price action moves higher above the 1200 bracket. The gap up to 1241 today, coupled with a wide overnight price range...

MON - 12-13-2010 DAY SESSION PART 1 MACRO – On the daily charts, the ES has broken out of the 1200-1050 bracket on the way to the 1280 area. Currently price is in an uptrend with big picture 1230 pullback to swing support. If 1230 is re-entered, look for a move to 1220 based on the...

12-10-2010 DAY SESSION PART 2 Price gapped higher and then moved lower during day session part 1. Follow through to the downside below 1230 never developed, and a new swing high around 10:00 was the first sign the big picture trend up was re-establishing itself, confirmed for sure with the...

12-10-2010 DAY SESSION PART 1 Gap/First Move/Retrace - Price/volume pointed lower at the open in the key 1230 resistance area. A sell developed right at 8:30 that either provided a scalp gain or a breakeven result as prcie consolidated in the 1230 area for the first half hour of trading...

FRI - 12-10-2010 MACRO - On the daily charts, the ES has broken out of the 1200-1050 bracket on the way to the 1280 area. Currently price is in a 1230-1216 consolidation area. OPEN - Like yesterday, ovenight action has taken ES up to 1230 area, so we will monitor this resistance point...

12-09-2010 - DAY SESSION PART 2 A tough trading session as price mostly hovered around the key 1224 support area with very slow moving price action. The logical trade decisions today were a short trade near 10:20 after 1224 first broke to downside (small swing gains), and a long trade at...

12-09-2010 DAY SESSION PART 1 Gap/First Move/First Retrace - Price makes its first move of the day lower from the 1230 area with no fade the gap short set up. The first retrace move higher provides a long set up at 1227.75 for only small gains when price reaches the 1230 resistance area...

MACRO - On the daily charts, the ES has broken out of the 1200-1050 bracket on the way to the 1280 area. Currently price is in a 1230-1216 consolidation area. OPEN - (Rollover day to march contract) Ovenight action has taken ES up to 1230 area, so we will monitor this resistance point as Day...

WED - 12-08-2010 - (DAY SESSION PART 2) SUMMARY - Another sell set up near 9:30 took price down to the 1220 area. Price couldn't follow through below 1220 and this alerted to look for price action between 1227-1220. A long price/volume counter trend trade developed at 10:00 near 1222 as...

WED - 12-08-2010 - (DAY SESSION PART 1) GAP/FIRST MOVE/FIRST RETRACE - Price moved up to approach the 1227 area at the open and at 8:30 a price/volume long trade developed for small gains as the 1227 area was tested as the first move of the day moved up to 1228.75. A first retrace move below...

WED - 12-08-2010 (OVERNIGHT - OPEN) MACRO - On the daily charts, ES is still in the process of breaking out of the 1200-1050 bracket on the way to the 1280 area. At the moment there is responsive selling above 1230 (to 1235) and responsive buying below 1220 (to 1216), so it will be important...

TUES - 12-07-2010 - (DAY SESSION PART 2) SUMMARY - After one hour it was clear a trend day up wasn't forming and this day would start as a normal pullback after a gap up, and the best course of action was to follow the flow of developing intra-day structure. This lead to early short...