Friday's low is a key level this morning. Any price action below 1094 (ES) will likely result in a move back into the 1080s. This also means that the mid 1090s make an attractive potential long entry. I have actually been long at 1096 since last night but the market has just been flat. 1095-96 is a great long (if we trade back down to that level) because you can put your stop anywhere between 1093 and 1094.75 and have a pretty low risk trade with potentially significant gains. First target is 1101, then 1106, then 1112.
If the ES trades down and breaks below 1094, it will be an opportunity to flip and go short. Initial target in that case would be 1088 and then 1080.
Those are just a couple of options to consider this morning in an otherwise uninteresting market. No significant news this week until Thursday. Perhaps Thursday will present the first real opportunity to go short. That is assuming the mid 1090s support holds today...
Subscribe to:
Post Comments (Atom)
Short at 1094
ReplyDeleteIt should have already ticked down. I don't love this trade anymore. It looks like the Algos have come in to play, the supplemental liquidity. I don't want to be pushed out of my position. Just going to hold the position even though price action and volume on the surface suggests a reversal up from here... I'll have to consider covering this position if we tick up to 1096
ReplyDeleteThis is the chance to get a continuation down, need to see initiated buying below 1093, I will consider scratching if we don't tick down here. Today is looking like complete chop... good for maybe scalping... or maybe its time to read a book...
ReplyDeleteStill holding. I will look to add to the short higher up, perhaps at 1098, I'm not overly concerned... NOTE, I'm not looking for a big move down at this point. Just trying to manage this position so that I don't take a loss...
ReplyDeleteTempted to get out here at 1094 for a scratch, but I am going to hold a little longer. I'll stick with the original trade for the moment...
ReplyDeletecovered at 1094 for a scratch
ReplyDeleteWe ticked down to 1093, but didn't get any continuation. Based on the time of day and the algo chop we have witnessed all day, I decided it best to scratch the trade at even. I gave the trade plenty of time without any success. If it ticks down now I'll just have to accept it. Going to take a break now for an hour or two...
ReplyDelete