1-21-11 Trade plan
News: None out today
Daily chart notes: Market is still in an uptrend and this recent action can be viewed as a pullback in this uptrend. We sold down and tested key areas and bounced from them. Long term im bullish above 1258 area.
Mp notes: Yesterdays action saw ES trade below key support and down to test 1270 VPOC then bounce back up from there. Es closed at the upper part of value. Globex has been trading in yesterdays value area most of the session then started trading higher showing some strength. The macro structure is neutral to bullish.
Trade plan: So for today im expecting ES to test
Trade plan: So for today im expecting ES to test
some levels back above. Over all we are in an uptrend on the higher time frames and ES has tested key support yesterday. If ES can manage to hold above the 75 area which was key support from the bigger balance area of 1295-1275 then a move higher is expected. First area to test would be 1279-80.50 area which is around 50 % retrace of move down and top of range that has started to develop after the move down. next area above that is 1283-1285 area which is a low volume area from the sell off and right around the 61.8% fib number. As i started writing this ES was trading at 1279 and now it is at 1283. Over all if es pulls back to around the 75 area i an a buyer here for moves back into recent range. And i will be looking to be a buyer into support areas as well. With no news out today im expecting a balanced session between 83.50 area and 74.50 area. Gonna be patient and wait for the open to establish a stronger bias for the day as of right now in looking to be a buyer.
