TRADING A TIGHT RANGE DAY 7-25-11

TODAY  the range width for the BOTs seem more narrow than hose seen last week.  YM at 30 points.  ES was at 4, and TF was at 5 points.  Other than the webinar freezing, it turned out to be a good day of trading.




TODAY:  ES & TF


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PA was moving toward the SB level, when we noted a gap bar at 9:15 close, which hinted at the upside bias:  at least it established a focus point for the long consideration.

[09:10] <Chartmaster> 9:00 bar is a CB  current bar was a gap bar  may see a double bottom with 6:30 am est
[09:11] <Chartmaster> 29.75   bo for long consideration

This was followed by a FBO of the SB

[09:34] <Chartmaster> sb fbo reversal

B1 and 2 were the initial PB halted by the EMA followed by the first reversal with B3..  We felt we had the LOD set, and began long entries with exits centered around the estimate that professionals would take profits at +5, +8, and +10 levels.  Today, the +5 was at out LB, and +10 was our +5 BO target.  The LOD longs were followed by LB BO long, 50CB longs, and a combo 50CB-EMA support longs.

PA began to consolidate  in the PM, and short watches were issued for BO's of key levels:  2424 NQ, 12560  YM, 833.2 or the LB for TF, and 1335.25 for ES.

[15:00] <Chartmaster> bots are set for the day  but as noted in chart post  we can find current levels of interest around consolidations
[15:01] <Chartmaster> tf leading 833.2 sh hit and running


TF was the leader, and all the watch levels were short opportunities.

BOT BO's, look for the trend to +5 to +10 areas in current market, and if a reversal hits, we look for the run to the opposite BOT.   This target range is likely to change to 3 and 7, and possibly 1 and 3 when conditions change.

The BOTs are set and used for the entire session.



TF