Been busy with work the past week so trying to keep up as much as possible. Has a few losing days but very small relative to past performance. I realize that work is screwing me up again so i have backed off a little bit as per my observations the last time i started doing bad when work interfered.
News: Jobless claims @ 8:30AM, New home sales @ 10AM
Trade plan and Price action analysis: (Price action) Yesterday ES traded up into 1292-1294 resistance area which was the top of the balance area. After the Fed announcement the market sold off showing that the sellers were active at the top of the balance area. Value established higher but the sellers took control and closed the day on the lows and below the day's value. Globex has since traded lower showing that the sellers are still in control.
(Trade plan) We have new home sales out after the open and we could get some balancing before the release. Sellers have taken back control and im expecting resistance to hold. We are set to open below value so it could attract responsive buyers so i will be watching for that on the open swing. As long as we stay below the 1286 area i will be bearish. Above that and i expect a push above the recent highs.
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