Looks like a fade the gap play today

EtfTraderLives · Sep 15, 2008

Isn't this obvious? Support looks like 1205 going into the open with heavy shorting at 1230 area that takes ES sub 1200 at 1180ish. The move to 1180 I imagine is going to be quite ugly.

This market needs a 10% flush over the next few weeks to bring in buyers. Stay away! You will be churned to death both long and short! Volatility is not going to be what you think it is going to be. The bulk of the moves are pre-open gaps so taking home positions is a crap shoot.

jaytrader100 · Sep 15, 2008

intra day volatility should be fantastic.. I would be short on rallies and loosen stops.. .. I WILL be FLAT at the close

Lucrum · Sep 15, 2008

Quote from EtfTraderLives:

Isn't this obvious? Support looks like 1205 going into the open with heavy shorting at 1230 area that takes ES sub 1200 at 1180ish. The move to 1180 I imagine is going to be quite ugly.

This market needs a 10% flush over the next few weeks to bring in buyers. Stay away! You will be churned to death both long and short! Volatility is not going to be what you think it is going to be. The bulk of the moves are pre-open gaps so taking home positions is a crap shoot.

Quote from EtfTraderLives:

...This place sucks royally and I will no longer support it. FUCK YOU ELITE TRADER.

Quote from EtfTraderLives:

Fuck this worthless site full of fake aliases.

EtfTraderLives · Sep 15, 2008

1211.00 ES area is a buy this morning according to my eyes.

bbqbbq · Sep 15, 2008

is there a gap if the low of friday is lower then the open of today?

EtfTraderLives · Sep 15, 2008

Quote from bbqbbq:

is there a gap if the low of friday is lower then the open of today?

yes

EtfTraderLives · Sep 15, 2008

ES at 1210.25... next move looks to be 1228 if I am seeing this right.

jaytrader100 · Sep 15, 2008

no offense but how can you see anything in the overnight session?

Except that there is a lot of selling going on

EtfTraderLives · Sep 15, 2008

Quote from jaytrader100:

no offense but how can you see anything in the overnight session?

Except that there is a lot of selling going on

It isn't as bad as it appears for *today*... the bulk of the move down has been set. I expect morning session to be biased up and quick nasty 20-30 point dumps to occur throughout the day.

I also expect a sell off heading into close. My suggestion is don't holder anything over night. This is pure daytrading here... play the ranges I stated above and expect breakdown below 1205 later in the day. We heading sub 1180 area imho and for the *week* this is going to look like carnage.

stevegee58 · Sep 15, 2008

Generally a "gap" is the difference between open and previous close, not the low/high.

Strictly speaking there's a gap every day; it's a matter of how big a gap is "interesting".