Well so far we had the 946 area defended on two rotations with the 947.00 touch pivot and the 946.00 touch pivot. Looking now for news fade sell-off move, which caused 933.25 LOD pivot, to be taken out as the market seeks 925's-922's.
As you can see from all my other entries and exits, I just leave the positions on most times and let them ride.......sometimes price will come and hit my stops and then sometimes they do not. I also take scalp trades all the time in separate account.......so there are times when I will be overall short with core positions and yet long in a scalp trade (only differrence is the scalp trade is of diffent position sizing). I would never take my positions off at like the 940 area in the AH session then possibly have no position on as the market then sells off (after already holding those positions all that time prior.....just not what I do).
There is still inventory being held from the 946's to 949's......they have not yet cleared out all that inventory. They were able to add inventory from better pricing levels, but the lower very large core group of inventory from past days is still shown by overall size of net short levels. From an Auction Market Theory standpoint........if the sellers have now had their zone of inventory challenged and price is rejected, then it is very high probability of trading back to the next significant area of resting inventory (that is down at price levels below current price.....so price will trade down through minor areas of support to next major area of resting supply.....price likes to trade to size/resting supply).
At the 942's I would have no way to tell if price would actually trade back to 947's unless it did.......so I always let my remainders ride.
How they hell are you able to piece things together so logically? Please tell me learning AMT was not an overnight revelation to you but a process of observation and understanding over some time! My CD keeps screwing up and I have a few "data holes". If you get a chance would you please post a chart, I just wanted to see a full picture of the CD today?
I will post a chart after the close....no prob. I can look at inventory distributions and pretty much tell what is going on by what I have seen so many times before. These volume distributions at major zones of held resting inventory always act about the same.......they either hold (and build) or they thin down and then eventually get neutralized.
News release price/order flow reaction for HOD formation....... http://www.charthub.com/images/2009/06/05/ES__CD_2.png