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Just moved my stop to break-even on the ES short entered at 1536.75. Currently +2 on that trade.

Is that a fancy way of saying that you're looking to go short here?

JJ, looks like you don't measure gap closure from the close of RTH, but rather the high of the closing bar on some timeframe? Can you explain?

Did you take it? Seems to me you called it rather early, so I'm curious how you played it.

I'm now short ES from 1536.75, initial PT LOD. Stop 1538.00. My downtrend line from yesterday's LOD was finally breached, and quite vigorously, at about 12:15.

Something like this (except more of them)?

I believe Apex uses the flip-of-the-coin method. His trick is to use Canadian coins. :)

You obviously drew yours a bit differently than I did. I showed that we just kissed the uptrend line but did not violate it. My line was drawn on a chart that included the Globex session rather than just RTH, which is probably the difference.

Unfortunately not. I had a sell limit order in at 1543.00 (exact HOD so far) but didn't get filled. I seem to be having a lot more trouble with tactics than with strategy. :mad: I notice that you often set a PT and then take profits a bit earlier than planned, based on tactical analysis...

Apparently not, since the recent local low obliterated my presumptive 5-wave pattern. Still long, though, as long as the uptrend line from yesterday's LOD is not violated. Recent local low just touched it but didn't cross it. NYSE A/D ratio is still bullish and has turned up again.

Do you think it would be reasonable to analyze the upside impulse that started with the 8:30 am employment report as a five-wave move that will probably top out in the next hour or so?

23,000+ contracts traded during the 1-minute bar at 10:04. That's quite something. Digesting it now. Apex, did you hit your profit 2 exit during that spike to 1543, or fall just short of it? EDIT: Oh, I see you set it at 1542.50, so it probably got triggered, yes?

Here we go!!! :D

Are you speaking of the huge volume surge yesterday right around 4pm?

I'd wait for a solid-gold reversal bar. Looks to me like the bulls are still firmly in control.

Um, the 5-point excursion in the ES at 8:30-8:35...was that when the US non-farm payroll data was released?

No, Tradestation dosn't "think" anything. The automated strategy in question takes a time parameter, and I set it to 1313 (that's Paciric time). I've used this strategy before and it worked fine, but I've only used it in fully automated trading, not to close out a position established...

I raised my protective sell stop to break-even at my entry price of 1532.25. That's still lower than Thursday's close (so I won't get stopped out if the gap fills near the open). Last tick 1536.25 (+4at the moment). Lovely uptrendline. I'm going to bag some Z's until RTH start.

From my "a funny thing happened" file... Thursday at 2pm, I placed a limit order to go long ES at 1532.25 but was slow on the draw and didn't get filled. Decided not to chase it, and left the buy order active hoping that the ES would retest. But by 3pm, it was still going up and I had to go...

Are those levels predicated on yesterday's price action? Specifically, the horizontal movement around 2:30-3:30 pm before the market took off to new highs? Didn't seem to be very strong resistance yesterday. Why do you expect it to provice good support today (if indeed we move down here)...