I would really like to see 1405.00 or better to short....below that I would not be as strong on my position size. Yes that is a large distribution area at 1404 to 1405 but we came through this area in the overnight so you have to be more vigilant. I will say though, the market today has rallied on light volume (low positive cumulative delta) and lots of "offer lifting"....so I am watching this too.
on my charts the delta shift came at 1406. price is stubborn though. do you mind sharing how your handling things at this point.
Sure....I was SHORT at 1406.00.......... http://www.charthub.com/images/2006/11/24/ES_317_VB_6.png Then I had to reverse to LONG on the "delta" shift (when you get these tight range "shelf" areas with no selling conviction be ready for opposite response or trend continuation)....... http://www.charthub.com/images/2006/11/24/ES_317_VB_7.png Flat now looking for new SHORT signal.
SHORT at 1407.00 with the quick delta "shift" back to negative (false breakout with no additional buying conviction above 1407.25)........ http://www.charthub.com/images/2006/11/24/ES_317_VB_8.png
Thanks that helped. I got out after a few minutes of the price not dropping but didn't reverse. I see now I need to not be so focused on a certain setup, stay flexible. Seems obvious now after you point it out.
You should watch this also....when you were SHORTing the A/D lines were still showing a lot of strength on the NYSE (they were actually crossing).......... http://www.charthub.com/images/2006/11/24/AD_Track_.png Well I had a touch and no fill on my first target at 1406.00, so I had to flatten at breakeven on the return to 1407.00......flat again.
SHORT again.............. http://www.charthub.com/images/2006/11/24/ES_317_VB_10.png ********************************************************************** Ticktrade - Also look at how low the cumulative delta is for the amount of price movement we have had (only at 7059)......this is a result of lots of "offer lifting" in a low volume environment (these days can be tricky if you are not aware of this type of price action). You have to be ready for darty price action on the ES with much lower volume than normal, this is due to the "offer lifting" games that go on to help move price up for all those who were buried this a.m. http://www.charthub.com/images/2006/11/24/ESZ6_MD_2.png
Finally some selling to get my targets.....LOL! http://www.charthub.com/images/2006/11/24/ES_317_VB_11.png
http://www.elitetrader.com/vb/showthread.php?s=&threadid=80582&perpage=20&pagenumber=1 Read this whole thread and see if it answers some questions for you.
Last SHORT I flattened on a LONG signal (which I did not take....eating some left over turkey and sides... ). http://www.charthub.com/images/2006/11/24/ES_317_VB_12.png I have since entered another SHORT............ http://www.charthub.com/images/2006/11/24/ES_317_VB_13.png http://www.charthub.com/images/2006/11/24/ES_317_VB_14.png