Sorry for the squeezed chart, but I wanted to show the price action after the Fed minutes report. The ES created a 7 point range after the cash open and stayed there until the 2pm EST Federal Reserve minutes were released. As the market digested the report, looking for any clues about more quanitative easing, the ES dropped into the DTG 30.50 level which corresponded with yesterday’s daily low and is where the above chart picks up. It was aggressive to trade during the news volatility and before yesterday’s low was tested. On the 14:07 bar, 30.50 was tested and the next down rotation (after 14:13) looked like a green light for a long opportunity. Unfortunately, the market wasn’t done running the stops below yesterday’s low and breakout traders piled on sending price a few ticks past most our stops. This is an example of a trade opportunity that was right but got burned by extra volatility caused by news.