Potential Afternoon ES Action - 8/29/07

[ant]

Here's my take for the afternoon action in the ES... The ES gapped up this morning and never challenged yesterday's low (or yesterday's spike low). The ES has traded from yesterday's POC to yesterday's VAL on low volume. So I think the market will trade up this afternoon and we should see 1462 (yesterday's VAH and HOD). Unless something changes, such as higher volume on a down move, I will look to get long around 1447. I'm just bored so I figured I'll put my analysis on the line here. We'll see what happens...

[ant]

ES Target Hit at 1462. A few comments about the trade (see first chart)...

• Blindly fading the POC would have probably resulted in a losing trade.
• Volume would have kept you in the trade. As long as retracements/pauses occurr on lower volume, one should stay with the long trade.
• Price pauses around high volume areas (e.g., POC) and gives a trader time to make a trade decision (stay in, add to position, exit trade, etc).

I also noticed that today's trading was following a mirror image of yesterday's trading. Check out the second chart.

[nickm001]

nice, simple analysis.

thanks

[MrPaul]

Good analysis, good trade! Thanks for sharing

[Dogpile]

One of my favorite set-ups from LBR library is the 15-minute 'First Cross Buy' --- which uses the 3/10/16 SMA oscillator and lines up nicely with the market profile analysis ant provided (higher low and low volume correction towards VWAP)...

nice job Ant

[ckait]

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