I made some nice gains this morning, buying at 1118.50 and selling at 1124. However, I bought in Again at 1121.50 but took a loss after the market tanked fairly hard. I didn't manage my position effectively and I gave up my morning profits. Now what?
I am looking for an up-tick back to 1121 (ES) at which point I will look for short entries as the market doesn't look too hot after that selling. We'll see if we get continued weakness as the day goes on or if today just proves to be a choppy mess. This is not atypical action ahead of a continued move higher. Nice way to shake out the longs before the real move higher. Its never easy...
It is unlikely that the high will be revisited again today. Important to note, however, that this morning's Gap was filled in the 1116s, so if that support holds, anything is possible. I will only be looking for scalps going forward with emphasis on selling the up-ticks into excess supply, but will watch to see if an uptrend pattern forms, making the 1116.25 the low. There is significant volume down at 1117, so it could be the intra-day capitulation low. At the very least, the volume at 1117 represents support, breaking that support should facilitate a move down to 1114 and then 1110-1112...
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