11/09/2012 Live Update

[Mr. BachNut]

Not a very encouraging close IMO.
Bulls limp off the battlefield bloody barely holding the line today.

[MrMiyagi]

POT became a falling knife ?
Did you ever buy it ?

No, after all the opinions I decided not to; had I bought it, the gain would have been the following morning only. I might have decided to be a greedy pig and hang on from which point it has been going down.

[TraderGirl]

FAZ....first level of resistance...no MACD crossover on hourly...
Edit: No MA crossover yet 50 red/200 black

[daytradingES]

ES hit 15 point break out target.

thanks.
Is break-out +15 something you use for a target?

[daytradingES]

It would be nice if those who are worked up with politics please cease.
You could start a separate thread and put it in there.
The market's movements are not determined by American voters.

When I first started here I posted that the top was probably in based on two 5 year double tops. so 3 months ago.

The Greeks are protesting yet another austerity package, this week.

Not everything in the world is about USA.

[Royal Flush]

ES hit 15 point break out target.

thanks.
Is break-out +15 something you use for a target?

You'll find BOs tend to go in multiples of 5 Points in the ES so 5, 10 & 15. Lately with expanded range 20 P or so 15 is not an unreasonable target for a BO. From prior post: http://www.zerohedge.com/news/2012-11-0 ... t-collapse

[daytradingES]

Last night estimates reviewed

[daytradingES]

ES hit 15 point break out target.

thanks.
Is break-out +15 something you use for a target?

You'll find BOs tend to go in multiples of 5 Points in the ES so 5, 10 & 15. Lately with expanded range 20 P or so 15 is not an unreasonable target for a BO. From prior post: http://www.zerohedge.com/news/2012-11-0 ... t-collapse

many thanks RF.

And breakout level was determined by the top of the proceeding bar in your graph?

[daytradingES]

I can't find your post - was it a reply to the main article?
Perhaps you can repost it here - everyone has left for the day.

[Royal Flush]

I can't find your post - was it a reply to the main article?
Perhaps you can repost it here - everyone has left for the day.

Top of page 8, busy now will talk later.

[Petsamo]

My spreadsheet indicates neutral on Japan, China, India, & Europe. I'm looking for a slight gap up Monday. We might rally for several days, but I believe the general long-term direction is down.

[Royal Flush]

Last night estimates reviewed

Amazingly close on your targets, well done.

[daytradingES]

Last night estimates reviewed

Amazingly close on your targets, well done.

Thanks!

I make AM adjustments, to incorporate the o/n session info.
Usually these are closer than PM estimates but not this morning.
I am wary of Fridays and Am estimates for Friday's can be way off.

This morning the spreadsheet had, in part,
"First trade= none.
Last Friday's first time was = 08:30 Yest = 08:30
The first time estimates are: 08:18 08:39
The distance to the FE is estimated at 5.50
As the FE=LE you are looking to BUY as the first end."

Main Trade
So the first end (FE) was the low end (LE) for today and this was correct. However, I was too late in getting my numbers done and not feeling up to trading today so I didn't take the trade.

First trade
The first trade is not the main trade of the day. It is an optional trade that takes you from the open to the FE.

When the estimated distance to the FE (either the HE or LE) from the open is less than 6 pts my rules have me not trading it, this is why it says "first trade = none" which means the estimated distance from the open to the LE (low end) is less than 6 points. Today the open was 1369.50 and the LE was 1369.00 or only -0.50 pts (so as this is less than 6 pts I should not take the trade.

I only take trades with a 6 pts potential profit.

As you can see today the best trade started before the open at 7:08 (1363.5 the o/n low).
I only trade RTH.

Here is a chart of today: