1037 on the ES was not quite tested after market open this morning, though we did trade down to 1039.25. After the initial push down, we got the buying surge / short covering that was necessary to scare the bears. It is a potentially positive sentiment. We have traded back up to my 1051 level, but like I said, we need to confirm above it before feeling comfortable with a long position.
1051-1052 proved to be a good short area as we have ticked back down off it. I will consider getting long if we come back up and break above today's high at 1052.75. I would be looking at a target of 1060-1062 if that happens. I will also consider getting long if we trade back down to 1043-1044. Will try and comment here if I take any trades...
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Market action turning bullish as we consolidate up in the upper 38.2% of today's trading range. You could argue taking a long in this range making sure not to defend the position below 1047.
ReplyDeleteNo long yet, but now I will be looking to buy the down-tick. Somewhere between the 8 MA and the 20 MA on the 10 minute chart
ReplyDeleteOnce we break above 1054.25, we will see the next significant resistance at 1058-1059. That will be a spot to take a short for a couple of points.
ReplyDeleteLong at 1051. Stop at 1048.50
ReplyDeleteI would have liked to see more buying after spending this much time up in this range. Perhaps we will have to wait till the final hour to see accelerated buying
ReplyDeleteFOMC minutes in 1/2 hour. Will watch to see if there is any market reaction that follows.
ReplyDeletePut Long back on at 104750 (ES). Aggressive move. Scaling in here. 1/3 Position
ReplyDeleteTypo above, that was a long at $1074.50
ReplyDeleteDangerous Long as it appears that the market is breaking down, thats why it is aggressive
ReplyDeleteTypo again sorry, that was a long at 1047.50!
ReplyDeleteWill look to exit this long on the up-tick to the VWAP back around my entry. Market has not been moving to my liking or to my expectations. When this happens, I like to take a step back and reflect on the contentious action.
ReplyDeleteTried to exit at 1047, we ticked there, but I didn't get filled... Still holding position.
ReplyDeleteSold at 1048.50
ReplyDelete