ES Journal Archive (2006 - 2008)

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Quote from mbusch:

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)? Just trying to understand your logic a little better.

Also, how do you come up with s/r levels above previous all-time highs? No price action to look back at. Fib levels?

Might as well hold class here while we're waiting for a move... :)
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Market is impulsing in a wave 3 therefore with a wave 4 pullback the probabilities would be in favour of a move to new highs. That area does use some of yesterdays price action.. but not congestion zones. Market moves in waves of varying degree. If you can use those degrees with other factors you create a high probability turning point. That 1530 area may not have looked significant yesterday due to the amount of time it spent there... but it was very critical. Zones created where no price action has occured is done with overlapping projections.
 
Questions for a few traders here:

B1S2:

I have a stupid question on the charts you post. What are the lines you have posted as an overlay to price bars - the red, green, and gray - are they moving averages, bollinger bands?

Spectre2007:

You use the Squawk, I never have - how do you know which institutions are active at any one time?

Steve46:

Are you still here? The recent nasty exchanges aside, I think many of us agree that your trading posts are a valuable addition -I do believe that B1S2 likes your trading insight.

Apex82:

I have looked into the VanTharp course, read some of the material, seems worth it according to many others. Check out his website - lots of good material there, same with Brett Steenberger (sp?).

Thanks all, Sponger
 
if we break out of this zone.. that 1533-35 area will become a significant floor, and anyone whos short runs the risk that it doesnt see those levels for a significant period. And the all time cash intraday high.. becomes susceptible for a test.


edit: in squawk the broadcaster will announce at times whos buying and selling.
 
Quote from apex82:

Market is impulsing in a wave 3 therefore with a wave 4 pullback the probabilities would be in favour of a move to new highs. That area does use some of yesterdays price action.. but not congestion zones. Market moves in waves of varying degree. If you can use those degrees with other factors you create a high probability turning point. That 1530 area may not have looked significant yesterday due to the amount of time it spent there... but it was very critical. Zones created where no price action has occured is done with overlapping projections.
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If I might add. While 1530 does not look significant based on time spent there is an obvious battle tactic... 1525 being a psyco important level for many, 1530 is psyco isolation for shorts. That said, 1533.25 & 1528.50 are significant, based on time spent.
 
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