I'm not expecting any significant market moves as today is likely to be a light-volume end to what has been a light-volume week. Relatively tight range based trading is likely and I'll be tentatively looking to short the highs (1104-1107) and buy the lows (1096-1098), waiting of course for confirmation of resting limit supply at the top or demand at the bottom.
Resistance at 1107, 1114, 1120
Support at 1096, 1088, 1082
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Short ES 1104.25
ReplyDeleteNo defense now on this short. This is the third time we have poked up to a slightly new high on this morning's little rally move. Timing is right for a change in direction as we are now into the 2nd hour of trading... Will look to cover this trade if ES moves up to 1105
ReplyDeleteCovered at 1104, we got a bounce after the 8MA came up and met price, I don't like the trade anymore
ReplyDeleteIf you notice, I didn't stick to my plan on this trade. I covered early. The market did move in my favor, it just took a while. Lesson: Stick to the Plan.
ReplyDeleteThats it for me, I'm calling it a day
ReplyDelete