ES Journal Archive (2009 - 2010)

[JSSPMK]

Quote from JSSPMK:

S1047 s1048.25

*2/3 +1.25

1/3 b.e.

S1044 s1045.25

*2/3 +1.75

 

[Lawrence Chan]

Quote from newbie463:

LC,

too bad the numbers didn't push us up to r1. that would have made things "prettier"

excellent call.

newbie.

Should not touch R1 so that PP can get a chance to act as resistance. =)

 

[ammo]

Quote from ammo:

add 49.50, avg 1040, 1040 bid to roll into dec

sh dec 1040.5

 

[Lawrence Chan]

PP touch down.

More daytraders buy here, the more likely it will break PP.

Bounce off zone should be 37 area.

 

[[Proximo]]

Reasoning?

If we touched R1 then turned would we not have more longs that need to cover or does it imply that longs were too weak to push it to R1 making it easier to breach PP.

Quote from Lawrence Chan:

Should not touch R1 so that PP can get a chance to act as resistance. =)

 

[stupek]

It is called "buy low with channel".

 

[Lawrence Chan]

Quote from [Proximo]:

Reasoning?

If we touched R1 then turned would we not have more longs that need to cover.

When R1 and previous day high are reasonably far apart like today, touching R1 gives previous day high a chance to act as support ... much harder to move the mkt lower.

Now previous day high acted as resistance (due to w. upthrust against it this morning), then ORL, previous close all can act as resistance to force the mkt lower.

Lately, most of the attempts to break PP failed. Will see what happen this time.

 

[stupek]

channel shows trend. 9 oclock turns occur 87% of time ES.

 

[JSSPMK]

Quote from JSSPMK:

S1047 s1048.25

*2/3 +1.25

1/3 b.e.

S1044 s1045.25

*2/3 +1.75

**1/3 +4.25

L1039.75 s1038

 

[[Proximo]]

Thanks LC.

Watching 1038 if it turns into resistance then decent chance we test 1027.50 (ESU9).

1040.50/1041 also important (ESU9).

Quote from Lawrence Chan:

When R1 and previous day high are reasonably far apart like today, touching R1 gives previous day high a chance to act as support ... much harder to move the mkt lower.

Now previous day high acted as resistance (due to w. upthrust against it this morning), then ORL, previous close all can act as resistance to force the mkt lower.

Lately, most of the attempts to break PP failed. Will see what happen this time.