With ES trading at the top of the range which is the high of the year as well it made for really choppy session. The context is bullish and ES has been balancing since yesterday session and all day today. ES tried to break out a few times only to be meet with R. sellers. I had 1 trade today and scratched a few minutes to early (See trade 1). Over all ES is still bullish above 1290 area which is the bottom of this little range we are in. A beak of that would be a heads up of a possible move lower to test for more buyers or a possible trend change. We are still working with the balance area of 1296-1268 and have a neutral weekly IB and could see a full rotation tomorrow back down to the lows of the week at the 1278 area.
1St Trade: I took this trade because we are at the top of the balance area and was waiting to see responsive sellers above the range which we got when that figure release came out at 10AM. The market traded above then quickly rejected so i started looking for an entry for a short. I got into the trade and market started chopping and i ended up scratching for break even. In hind sight this was a bad idea because the market ended up going to my target of 3 points pretty quickly. Looking at the order flow on MD i realized that it still looked good and that would have given me the confidence to hold.
not bad, Mike!
ReplyDeleteBTW, today's low of the day and your limit price perfectly matched support level: 1290.50 - 1291.25 (yesterday's daily swings from cash session). Now I see that your short was almost perfect, right from resistance level on 3rd test (with every test lower high). Also VB with every lower high was showing much lower values than previous.
It's easy to talk about it after market closed, but it just shows how important to keep attention to details.
Dima
I'm wandering if it is possible to attach screen shots in comments.
ReplyDeleteThanks Dima
ReplyDeleteI dont know if you can post screen shot in the comments section here. But next time i will include a screen shot of the VB becuase i think it was one of the boxes i had checked at the time.