ES Journal Archive (2006 - 2008)

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feels like they`re getting ready to rip this thing ^.....& walk it up to the fed announcement.....difficult to find entry to work in conjunction with stop.
 
Quote from mbusch:

Concur. 1455 was roughly the LOD for 7/27, 7/30 and 7/31, so it's a good candidate for strong resistance today. The next level above that that I'm looking at is 1465, which was LOD on 8/2. 8/3 was the "outside day to end all outside days" which totally engulfed the two preceding days' ranges.

If the test of 1455 fails, possible support levels include 1442, 1433, and 1425-6. If we break below 1425, I see nothing but air down to 1402 (fib 138%) or 1391 (Feb-Mar low).

Current price action looks very nice, so holding my long for the test of 1455. Sell stop just raised again to 1446.
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GREAT trading, mbusch! :)
 
70/75 on the horizon?...30 min wedge says it`s likely if we stay range bound.
with a pause/reaction at 55 pivot...wich is also the 50% fib from friday hi/today lo....so far.

will need to trade above 55 with strength to get there.....if we do,i`d be looking for a hell of a ride down to 25 +.
 

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Quote from Spooz Top:

feels like they`re getting ready to rip this thing ^.....& walk it up to the fed announcement.....difficult to find entry to work in conjunction with stop.
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If anyone remembers around a year ago what happened during a Fed meeting after a long period of declining prices, you know that the shorts may well get bent over.

The best short squeeze of the year might be coming up, imo. Not today, probably. Today looks more like a range day, with very wide movement. 1455 is the pivot and the overnight HIGH. That's resistance today.
 
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