Tuesday, October 19, 2010
Lows for the Day In?
We touched down to a low of 1162.75. ES has already achieved an average daily range, there is a potential intra-day bottoming pattern forming and at the same time the ES has bounced off a key resistance level. This suggests a high probability that a bottom is in for the day. I like buying the down-tick now with expectations of a move back up to 1170 on the ES. If we make new lows, do not defend the position.
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We got the move up to 1170 and as high as 1172.50. The prior support in the lower 1170s is now holding up as resistance and the Algos are now playing their games around the VWAP. I am going to read a book and come back after lunch...
ReplyDeleteMarket making new lows, I am now looking for a buy entry
ReplyDeleteLong ES 1158.25
ReplyDeletetarget is 1164-1165
ReplyDeleteWill not defend this trade
ReplyDeleteOut at 1159, may get back in
ReplyDeleteMarket a little crazy, If we get a candle close above 1160, I will consider getting back in...
ReplyDeleteNo confirmation yet as we have not had two consecutive higher candle closes above 1160 on the ES
ReplyDeleteIf we make new lows, you can look to potentially get long at 1156 or 1152-1153, should be potential reversal opps at both those prices
ReplyDeleteIf you got long at 1156, its a great trade, consider taking profits at 1159-1159.50
ReplyDelete