| ESU9 For 07/30/2009  |
|
| Symbol | R1 | R2 | Pivot | S1 | S2 | |
| ESU9 | 979.33 | 983.67 | 971.67 | 967.33 | 959.67 | |
The Fractal Futures Trader
Learn to Make $500-1000 a Day Trading the E-mini Contracts
Posts tagged ‘resistance’
ES Emini Trading Question
the price action had been hovering around the SMA for quite some time. I like the trade.I suggest not taking countertrend trades when the price action is significantly below the SMA. Especially if the SMA is showing a clear trend, which isn’t the case today.
Todays Emini Chart
I traded 2 contracts all day, which is ten dollars for every point on the Dow, and the market stayed fairly active. Notice where the Pivot is today, and how the market swings up to and around the pivot. The pivot was a very important line in today’s trading.
Todays Pivot Points
When price makes a new High and then retreats, sellers who missed the previous peak will be inclined to sell when price returns to that level. Afraid of missing out a second time, they may enter the market in numbers sufficient to overwhelm buyers. The resulting correction will reinforce market perceptions that price is unlikely to move higher and establish a resistance level.
Pivot Point for ES contract: July 23, 2009
Stocks run into resistance (supply) because those traders that bought too late and saw the price go down now want to get out at break even so they sell. Stocks find support (demand) because those traders that missed the move up now have a second chance to get in so they buy.
Pivots Points for July 21, 2009
Here, “S” represents the support levels, “R” the resistance levels and “P” the pivot point. High, low and close are represented by the “H”, “L” and “C” respectively. Note that the high, low and close in 24-hour markets(like the forex market)are often calculated using New York closing time (4pm EST) on a 24-hour cycle. Limited markets (like the NYSE and Nasdaz ) simply use the high, low and close from the day’s standard trading hours.
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