ES opened above Fridays value then found resistance around the 1292-1294 area. We traded lower down to support at 1281-1282.50 and bounced from there. i was expecting ES to trade higher today but we traded below the 87-88 level and confirmed sellers are in control. This left the door open for a move lower. We found support at 1281-1282.50 area and the market chopped along that level for a little bit. We traded back up into the bigger range forming value all around the level. So i looks like we have a range extension. Im still expecting the market to trade higher this week but i will be cautious of a move downward. Im expecting globex to trade above 1287 and no higher than 1298
1st trade: I was short at 1285.50 and ended up scratching. The reason for the short was we moved lower below key 87-88 level and stayed there for some time. As soon as ES moved back up in to resistance i was waiting there to sell. I scratched because we were chopping around for sometime at support and had strong buying back up into resistance. The trade was good for 2 points but i wanted to keep risk tight so after a point in front i went to break even.
2nd Trade: I took this short after i took the 1st trade. I don't know why i took it because on the first trade i scratched for a good reason and i went and tried to short again at the same level. My mistake.
3rd trade: This trade i took because i was looking for longs and we pulled back to trend line and level support. The reason was because we traded back above the key support level so i was looking for longs.
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