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es futures setup right now
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es futures setup right now

by ScottOctober 31, 2011

We have a tasty retest variation buy on the 60 min es z1 chart right now. The upmove of Thursday showed the bears that this market wants to go up.

We have a clearly impulsive movement up, and a clearly corrective movement back down, to support, at the 50 ema.

Then we have a RETEST VARIATION BUY SETUP on the 60 minute chart.

This is a good setup, a retest of the lows, with trend, after a proportional corrective move, at support… it all smells like another leg up to me.

Wait until it breaks the 60 minute high long @1273.25 stop 1267.75


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Scott
  • Anonymous
  • Anonymous

    http://www.zerohedge.com/news/eurusd-breaches-14000-support
    http://content.screencast.com/users/AMCabrera/folders/Jing/media/1d8a1a6c-e792-469c-9d59-850ced1b23c2/2011-10-31_0507.png
    The chart does not bug me. It is the hey hey see it dropped told ya it would fall! meaning if you would have been over a pus and scabs blog shorting from mid 1.30s your still in the hole pretty severely, and falling for misrepresentation of articles like FT Deutschland and believing when they think the article is implying “Said otherwise, stick a fork in the euro, it’s done.” No it did not say that.  BRO it is called P.R.O.F.I.T. taking its called TRADING. I know I must sound like the asshole who talks shit about their EX but come on this is nuts.

  • tradem4alpha

    Bearish engulfing candle on copper futures (and in general almost everything is red here http://finviz.com/futures.ashx). I don’t think that it will be the start of a big correction, but I think we are entering a period (2-4 days) of “time” consolidation, meaning we will see a correction in time, not price => so  a little sideways movement now. I don’t think that there are a lot of stops now that triggered will fuel another explosive rally like the one last week, so I think that the ones that take Scott’s setup should be quick in banking profits. Just my 2 cents.

  • Anonymous

    Folks, i dont like the price action one pinyata. Loosend up on long positions.

  • Anonymous

    you are not alone. That will be the theme for the week. However do not worry about the “scary movie previews” the news will be providing throughout the week stick to the tape and your money will stick to you. And hey if you do feel uncomfortable by all means sit out for this week.

  • Anonymous

    Thanks AMCAbrera! I could have banked more profit had i got out earlier, but i am vowing not to let winning trades beco,ing losing trades, hence out right now

  • Anonymous

    Should B/E on this pullback and will make a decision to reduce short. Need to see a break of 1240 for continued weakness IMO.

  • Anonymous

    Sounds perfect to me! I just enter another short order in the usd/zar right below 7.75 .My short friday was stopped out, obvious reason being usd/jpy. So are the things in the world of FX, and Im still buying eur/gbp on dips, like right now.

  • Anonymous

    yea it going to be like this till at least Benny speaks. Up down Up down DOWN UP know what I mean.

  • Anonymous
  • Schwerepunkt

    SPX just under 200MA at 1274.25 (that is based on futures actions) . . . they’ve gotta make it interesting. 50-day is below a ways, 1186 or so and rising. Might go back and forth in between if no close today above the 200. Personally, I think it’s premature at best to declare a new bull market. No Twist today either.

  • Anonymous

    Aren’t we a week behind on the Daily Zero?

    I posted this last week…might be useful today.

    Keep watching the hourly bottom ZL
    panel.  We are still working on a slight downtrend of 3 peaks and 3 valleys
    since a week ago Monday (the 17th).  Get your crayon out and draw the lines…watch
    for a break – either way.

  • http://practicalt.blogspot.com/ Gold_Gerb

    didn’t follow the T eh?
    would you like some nuts?
    😉

    http://practicalt.blogspot.com/2011/10/october-fest.html

  • http://practicalt.blogspot.com/ Gold_Gerb

    GM rats.
    SPX T confirmed.

    http://i41.tinypic.com/dwdmjs.png

  • Schwerepunkt

    U mean we B droppin for a while?

  • Anonymous

     🙂 Should have made time for T

  • Anonymous

    zero is convinced this time

  • Schwerepunkt

    Of what?

  • http://practicalt.blogspot.com/ Gold_Gerb

    that would be a gutsy call.
    but I do see a trend in the futures for the last 9 hours.

  • Anonymous

    I thought Europe was saved, US growth up.
    Why spx not going up – maybe i need to tune in to a ‘better’ news channel? (lol!)

  • http://practicalt.blogspot.com/ Gold_Gerb

    shhh, it’s a secret (like the fight club).

  • Anonymous

    that we are going down

  • Anonymous

    Folks, im not going to try to short this market using ETFs, im just going to buy stock on long signals on days/weeks timeframe
    Dont have the time or patience for scalping right now

  • Anonymous
  • Anonymous

    If gap isn’t filled by EOD we’ll have an island reversal on the daily. 
    http://stockcharts.com/h-sc/ui?s=SPY&p=D&b=5&g=0&id=p19210527193

  • http://practicalt.blogspot.com/ Gold_Gerb

    a flying turd pattern?  perish the thought.

    hmmm, maybe those quant traders were taking the other side on exuberant Thursday?
    they don’t follow moving averages you know.

  • Anonymous

    Scott – love your work.  Hate clicking on your charts.  Why do they take us to another post?  You then  have to click that pic to see the enlargement.  Sorry to complain, but it gets to be a hassle.

  • Anonymous

    Watching /ES 1260.75 right now.

  • Anonymous

    NIce chart there. As CS would say there is some potential support provided there by the BBS, MAs.

    However, based on my cumulated knowledge of the stock market, i can safely say that we must/should/will/could test the spx 1200-1220 area again, as we have clearly rejected making new/higher highs for now

  • Anonymous

    Ditto – I’m getting the feeling at this moment that they might be front running it.

  • Anonymous

    Q and RUT already looking stronger.

  • Schwerepunkt

    Us leaches should stick together.
    Leach Power! 
    Drain their veins until they die!

    anyhow, ES is dancing either side of S2 at 1262.5 FWIW, Chicago PMI weak. 

  • Anonymous

    until a few moments ago I was thinking trend day to the down side.  now mildly so.

  • Anonymous

    Most of the ticks & fleas below centre-line today (so far)?
    http://barchart.com/cache/b817d199fb3581d0e85e2adc5fabbc23.png

  • Schwerepunkt

    Link does not work . . . 

  • Anonymous

    For the moment at least, zero says the party is the bounce-back.  Agnostic as to how long it lasts, but seems viable for now.

  • Anonymous

    Scott – sorry to be dense, but I can’t see that chart well enough to make out your lines even by enlarging it.  What is the time on that last red bar – EOD on Friday or is that overnight last night?  Sorry – it is tough to read and I don’t have access to ES charts (I use SPX so it takes some translating already). 

  • Anonymous

    Seems to work for me. Maybe your still using netscape 🙂
    Anyway, nothing special, just a $TICK nyse chart from barchart.com at 1min candles

    Supposedly Mole & Co are working on a trend alert system based on early morning ticks

  • Anonymous

    Haha!

  • Anonymous

    Far goad sakes Maan, does CS have to spoon-feed you everything 🙂
    Pull up a /es chart on barchart.com or something and work it out! 🙂

  • http://practicalt.blogspot.com/ Gold_Gerb

    the leech was right.

    The Page You Requested Cannot Be Found.

  • Anonymous

    Thousand apologies to all 🙂

  • http://practicalt.blogspot.com/ Gold_Gerb

    GG’s tick trend indicator says trend.

    amateur hour over.

  • Schwerepunkt

    I use Chrome. I get the barchart page but no chart or symbol.

  • Anonymous

    lol amateur hour. good one.

  • Schwerepunkt

    Corzine eating at Burger King.

  • http://practicalt.blogspot.com/ Gold_Gerb

    http://www.makemoneyinstocks.net/tag/amateur-hour/
    Step #2

    i’m working on #7, but no one loves a leech.
    😉

  • Anonymous

    HEY! we are medical leeches it actually OK!

  • http://practicalt.blogspot.com/ Gold_Gerb
  • Schwerepunkt

    Yeah, his brokerage firm MF Global just made a BK filing. Edit: Wonder what MF really stood for?

  • Anonymous

    http://content.screencast.com/users/AMCabrera/folders/Jing/media/8f8db01a-ea27-4b70-b30d-eb1ac1627609/2011-10-31_1015.png
    http://content.screencast.com/users/AMCabrera/folders/Jing/media/ca9911ea-a60a-4821-b526-5622d8e58fdf/2011-10-31_1016.png
    ok ok since we are getting all Oprah, I say do not use a technical indicators like first picture, starring at it, but rather use it like the second picture and be forward looking. UH UH pretty good uh.

  • Anonymous

    VIX stopped at the acceleration line: http://stockcharts.com/h-sc/ui?s=$VIX&p=D&b=5&g=0&id=p57276119332

    Let us see if it breaks it today.

  • Anonymous

    Zero working like a charm, one more flush to create div on 5 min

  • Anonymous

    Good eye!

  • Anonymous

    Thanks

  • Anonymous

    Always interested in your point of view Skynard.  Could you explain your interpretation?  Hourly looks wedge like to me and 5 min a bit like a box.  What are you seeing?

  • Anonymous

    Now I think I see it…

  • Anonymous

    FYI, new POMO schedule expected for 2 pm EST:

    http://www.newyorkfed.org/markets/tot_operation_schedule.html

    May get some whipsaw action

  • Anonymous

    Watching the 5 nim to establish a lower price and therefore a pos div. 1260.75 IMO will be taken out for fakeout short. Will go long SPY calls if the div plays out;)

  • Anonymous

    Got it.  Thanks.

  • Anonymous

    For reinforcment it would also be good to have a similar div on the hourly.

  • Anonymous

    We don’t have a lower price yet on neither ES or SPX

  • Anonymous
  • tradingmom

    I’m going to post this again since i keep coming back to it myself.  I find the respect of these trendlines fascinating.  I’m concerned that everywhere i’ve been to read this morning is calling for a higher high by the year end.

    http://screencast.com/t/v9cCSpwUhvL

  • Anonymous

    SPX hourly looks like a bear flag…wondering if we’re targeting 1240 area.

  • http://practicalt.blogspot.com/ Gold_Gerb

    Yes, I call it the bow tie pattern.
    price likes to bounce between the two diagonals.

    in this case, the path took the high route between the left and right side of the bow.
    (see it lots of times between contrasting fib fans)

  • Anonymous

    Looks like we have a support trendline on the 5 min zero

  • Anonymous

    The candles on the 15m chart look fairly bullish to me complete with RSI divergences. Also AUD/JPY and copper are recovering from their session lows.

  • Anonymous

    Just looking at that too.  Let’s see if it holds.

  • Anonymous

    Breached

  • Anonymous

    The smooth on the Hourly is really interesting too.  Surprised it is holding up it’s own line.

  • Anonymous

    Although I’m not so sure about this by now and EUR/USD seems to be breaking its SMA200 on the hourly, so there may be more downside here.

  • Anonymous

    I was kind of thinking over the next couple days.  Would like to see the gap in VIX filled at 30.  I do see what you’re saying thanks.

  • http://practicalt.blogspot.com/ Gold_Gerb

    (GG’s TICK trend still showing a trend day)

    how about you guys?

  • Anonymous

    Triggered!

  • Anonymous

    Kind of my thoughts also.

  • http://practicalt.blogspot.com/ Gold_Gerb

    just saw a -1100 tick  when your triggered comment (JJ) popped up.
    but then my chart reset it to -900

  • Anonymous

    I use stockcharts TICK (i.e. unreliable data). However, I don’t see a positive divergence yet. Still expect further down move today.

  • Anonymous
  • http://practicalt.blogspot.com/ Gold_Gerb

    one ring to bind..

    [/ES]
    http://i44.tinypic.com/1z2jcli.png

  • Anonymous

    Retest of VWAP and acceleration line on the hourly. Adding to short position.

  • Anonymous

    Oh, this is sweeeet!!!

    Fits like daddy into mommy.

  • Anonymous

    Reduced shorts on the flush out and lets see how it plays out. No Div no calls yet. Possibly re-visit lows and establish div?

  • http://practicalt.blogspot.com/ Gold_Gerb

    [i’m not touching that comment.]

    but you can see why watching the futures, is beneficial for your account.

  • Anonymous

    😉

  • Anonymous

    Many European stockmarkets have closed well into the gap from 26th oct. UK FTSE has closed that gap. Why would US markets not follow suit. Just saying…

  • Anonymous

    What happens at VWAP now is key if you ask me.

  • Schwerepunkt

    VWAP is 12-pts higher! Not going to happen today.

  • Anonymous

    12 pts higher?? 

  • Schwerepunkt

    I’m showing vwap on ES at 1274. Or are you talking VIX or something?

  • Anonymous

    I have 1264

  • Schwerepunkt

    I’m using a 500-tick bar chart. 

  • Schwerepunkt

    Who’s the guy with the 2-handed sword in the background?

  • Anonymous

    Perhaps because this is one bizzaro market. Just saying…

  • Anonymous
  • Anonymous

    Yes, sometimes the dog wags the tails, othertimes the tail wags the dog 🙂
    The issues c/o EU obviosuly may play more on euro-trash stockmartkets right now

  • Anonymous

    I ballparked about equal purchases and sales….so, now what?

  • Anonymous

    yep market wants uncle ben to show up with more candy. have to wait and see.

  • Anonymous

    No love from Ben this week…

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