The Abyss

Seems again like no iffluential selling down there. May just cause weak shorts to cause a rally until either more bearish news comes out or a better level to short is reached to entice big money shorts.

Thanks.. ill look into it.

I agree Negoatiator. I think this market needs to test that 42.50 level during reg hrs again. If there is any real support down here it may be strongest between 42.50 and the March low of 38.50. Yesterday's afternoon rally just smelled too much like short term small covering.

Neg, Yea thats CQG all right. It may be pricey but ive found its the best all around platform. Its the fastest & most relaibe ive come across. Plus being an old Nymex floor trader, i trade many energy markets..spreads..outrights..etc.. Its just been the most convienant. If the few hundred dollars it costs me are ruining my P&L than i have bigger problems than a pricey platform.

Beuatiful PPOC reached at 1345.75... any thoughts that todays destination may have just been reached or is todays goal to take out that overnight low from Sunday at 1342.50?

Negotiator, Just thought i would lend some of my thoughts for the week or 2 ahead and maybe you can point out some areas where you agree or not. Im a fan of keeping in mind of the markets balances and either failed attempts out or signs of breaks from them. I also believe if one side of a balance(regardless of a anytime frame) is tested outside of and retreats/fails then the possibility of the otherside being breached is high. Im new to these forums so i hope my attachment below is viewable. The point i would like to make is that it seems that the 6 previous days before Friday now look like a failed attempt above the mid-April balance area (i have it from 1360.75 to 1388.75). The 1st sign of this failed attempt shouldve been the excess left above on 5/1. Regardless of the emp # on Friday, once it settled back in the April balance and we gapped open lower on Friday the bottom of that April balance was foreseeable. For this upcoming week, if it opens in Friday's range, i will be watching to see if it can hold or build value below Friday's lower distributaion area high, 1369ish. If so, then i would not be suprised if the excess below the 1360.75 balance low is retested and possibly even the 1351.75 gap. If value 1st builds above that lower distrubution area from friday then the gap above at 1381.25 should be tested. Again, just thoughts on what my 1st references will be for the upcoming week. Sorry so long. SP - 5.4.12.docx

Negotiator, ive been a trader for 11 yrs.. most of them energy and the past few ive added SP e-minis to the mix. I am an old NYMEX floor trader who has incorporated Market Profile as my main tool since leaving the floor. I have never been much for forums but recently have found myself searching for some to follow/join. After looking thru your posts here i admire your approach. I believe sharing a common approach is benificial to a trader's pysche for the day to day grind. I look forward to following here. Thanks.