Monday, September 13, 2010
Tight Trading Neutral Day
Based on trade so far, I don't expect too much to happen today. Gap fill to 1105 is a possibility, yes, but doubtful. Market showed strength on the gap up, but other than making slightly higher highs, has been pretty flat since the open. Market is now trading down to do its typical shake out of weak longs. ES will likely find some support at 1112 and then perhaps trade back up toward the highs. The way I look to trade a neutral day is to buy the low and sell the high. And that range will likely be 1112 to 1120 or so.
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and voila, the trade setup plays out perfectly... if you did get long at 1111-1112, now above 1117 would be a safe place to take some profits rather than wait for the 1120
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