Down Gaps on ES and NQ this morning

By Lawrence

ES gapped below previous week close and landed at Weekly Pivot + Daily S2 = first attempt is to try filling the gap.

NQ made a 2x downside target from yesterday range = try to fill gap first.

Nothing magical – just their normal selves.

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Comments
  • moneymonkey October 26, 2010 at 11:05 am

    Holding S1 and 50% at 10:30 most likely will test pivot.

  • Lawrence Chan October 26, 2010 at 11:47 am

    New high in 11 am

  • moneymonkey October 26, 2010 at 12:59 pm

    Holding long adjust stop to 1179.5.

  • Lawrence Chan October 26, 2010 at 2:00 pm

    New high in every hour but much slower than higher low – rising wedge.

  • moneymonkey October 26, 2010 at 2:46 pm

    Went short at 1178.25 got stop out at 1180.25.

  • Lawrence Chan October 26, 2010 at 4:10 pm

    wedge target tagged in 2pm slot. afternoon played out from the standard script.

  • yamen October 27, 2010 at 1:56 am

    What standard script is that LC? I noticed the run to OR high and then new high for day, but wasn’t aware there was a bias for a new day high (or perhaps defense of OR) that one could lean on for today.

  • Lawrence Chan October 27, 2010 at 9:43 am

    ES has certain high prob full day pattern for about half of its trading days. Yesterday was one of those. Without knowing that, the wedge pointed to the pullback and the Time Map bias gave you the necessary reason to play on the long side from S1.

  • yamen October 27, 2010 at 2:13 pm

    Can’t help but notice that today is awfully similar to yesterday, although we are at a key junction here.

  • yamen October 27, 2010 at 2:36 pm

    Sorry, should also say – thanks LC! Your commentary is invaluable.

  • Lawrence Chan October 27, 2010 at 4:45 pm

    You’re welcome.