We are currently chopping around in the 1160-1165 range on the ES. You can consider buying the lows and selling the highs (i.e. highs being 1164-1165 and lows being 1160-1161). Be careful though if we trade below 1160 as we could see further selling down from there. If that happens, more support should come in below at 1157-1158. I like shorts at the top of this range. You shouldn't face much danger in the event you take some heat on this move. However, if the ES trades above 1167, you should think about getting out of the trade.
Eventually we must break out of the range in one direction or another. I think we will break lower before we break higher, but if we do break lower, I do expect opportunities to get long as we find support underneath. I won't look for more than 1 or 2 points on these types of trades.
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On one of the lowest volume day's of the year, with only a 7.25 point daily range on the ES, you still could have made money had you used the range play I mentioned in this post. 4 times it bounced off my range parameters for 1-2 2 point profits potential/trade and not until the final 30 minutes of trading did the market break below the 1060 level. Where did it find resistance before bouncing back up well into the range? at the 1157-1158 support I mentioned. Anyway, hopefully you set some alerts at key levels and read a book.
ReplyDeletecya tomorrow