Really quick. See how the ES is meandering between the Pivot and S1. It's setting up for a Buy Signal. If it were going to sell-off, it either would have gapped-up to R1 or broken down through S1. The market(s) are showing short-term signs of turning down from the extended uptrend, yes, but over the next 5 minutes, my money says that we get at least a 4 pt move (or more) to the upside. Welcome to intra-day trading. JJ
OK, you probably meant 1407. Charting software doesn't use the fixed formulas (that are easily available for public use), I'm pretty sure they use a formula which takes the overnight trading into consideration. I don't know ... but FYI I use the calculated (spreadsheet) numbers as a general guideline when looking over potential setups the night before and the Pivot Points which are generated on my chart to trade by the next day. Regards, JJ
Yep, took a look at all of them. That's why I just use the basics for the thread. Generating and trying to trade by all of those numbers would be a seperate job unto itself. BTW, speaking of basic Pivot Points, John Person has a new book out on trading them. I'm not trying to hawk his wares, his website, or his publications, I'm giving the information out as just that, information. Regards, JJ
You have pretty good setups (that one was prolly based on the previous close, right?). I'm looking for the Long so long as Price holds above 1401-1402 area. All of this early session meandering is just more food for the fodder for the Bulls. JJ
That was my 5th trade today, based on previous resistance and my belief in 10:30 reversals. 1405 is my "pivot area" right now
R1 - 1408 PP - 1405 S1 - 1404 A Narrow Range day like that one, you can expect the market to do anything. But the trend remains up, so I'll look to Buy a Dip if I can find one. If the market breaks below S1 and retraces but stays below it, I'd be willing to Sell. Regards, JJ