March 20, 2012 Homework
Please note that this is my homework and I AM NOT AN EXPERIENCED TRADER. This is just to discuss ideas in order to help formulate a plan and to participate in the community.
Previous RTH
Previous RTH OAIR. IBL 1396.25 and IBH 1401.50. VPOC at 1405.50, but was at 1400 until last hour. 11.75 point range with high of 1408 and low of 1396.25. I believe closing swing between 1404.25 and 1402.75. I'm debating day type and want to give it double distribution trend day as OTF definitely bid this up, well outside IB. When OTF stood aside it dropped 5 points. Otherwise it's a normal variation. Several distinct nodes in the profile, thin at the bottom.
Long Term Composite/Micro
ES has been in an uptrend and broke out of the 1370.50 micro last Tuesday starting 5 consecutive up days. Congestion remains above 1409. There's a wick at the top of today's RTH. Micro VPOC remains 1392.25 (along with a NVPOC) with another distinct micro node above at 1399.25.
Template Day
Range between 1396.75 and 1407, but will rely less on this as we just traded the area.
Economic Events
Housing starts 8:30 am ET.
Thoughts
Many of the same thoughts from yesterday. I'm looking for a pullback to 1400. If 1398.50 does not hold, then ES will possibly see yesterdays low near 1396 and if this does not hold then a slower push down to 1392.25 Prev NVPOC/Micro VPOC and 1391.25 CLVN. Extended below would be 1389.50, 1384.50 and 1380. Above 1400 is 1405.50 previous VPOC and the 1407 node . Extended range possibly between 1391 and 1415.
Hypothesis (more to follow - I need to rest 10:30p pacific)
1) Early I will be looking for a push off just under the 1407 node. If ES does not make it here then a push off 1405.50 VPOC.
By open ES was opening near 1396. Went long at 1392.25 per thoughts above with 2 lot. I got in and out a few times at key levels (not really campaigning, but trying), flat near 97. This was a total of 4 trades, 2lot, 2lot, 1lot, 1lot
I also tried a short just above 1400 as I was looking for a test of the previous RTH almost VPOC at 1400. This went nowhere and I scratched for 2 ticks as it chopped.
Once again this is just for me to formulate a plan, so I am not surprised when ES hits certain levels and I can act as needed.
Previous RTH
Previous RTH OAIR. IBL 1396.25 and IBH 1401.50. VPOC at 1405.50, but was at 1400 until last hour. 11.75 point range with high of 1408 and low of 1396.25. I believe closing swing between 1404.25 and 1402.75. I'm debating day type and want to give it double distribution trend day as OTF definitely bid this up, well outside IB. When OTF stood aside it dropped 5 points. Otherwise it's a normal variation. Several distinct nodes in the profile, thin at the bottom.
Long Term Composite/Micro
ES has been in an uptrend and broke out of the 1370.50 micro last Tuesday starting 5 consecutive up days. Congestion remains above 1409. There's a wick at the top of today's RTH. Micro VPOC remains 1392.25 (along with a NVPOC) with another distinct micro node above at 1399.25.
Template Day
Range between 1396.75 and 1407, but will rely less on this as we just traded the area.
Economic Events
Housing starts 8:30 am ET.
Thoughts
Many of the same thoughts from yesterday. I'm looking for a pullback to 1400. If 1398.50 does not hold, then ES will possibly see yesterdays low near 1396 and if this does not hold then a slower push down to 1392.25 Prev NVPOC/Micro VPOC and 1391.25 CLVN. Extended below would be 1389.50, 1384.50 and 1380. Above 1400 is 1405.50 previous VPOC and the 1407 node . Extended range possibly between 1391 and 1415.
Hypothesis (more to follow - I need to rest 10:30p pacific)
1) Early I will be looking for a push off just under the 1407 node. If ES does not make it here then a push off 1405.50 VPOC.
By open ES was opening near 1396. Went long at 1392.25 per thoughts above with 2 lot. I got in and out a few times at key levels (not really campaigning, but trying), flat near 97. This was a total of 4 trades, 2lot, 2lot, 1lot, 1lot
I also tried a short just above 1400 as I was looking for a test of the previous RTH almost VPOC at 1400. This went nowhere and I scratched for 2 ticks as it chopped.
Once again this is just for me to formulate a plan, so I am not surprised when ES hits certain levels and I can act as needed.