Aug 072012
 

The dog days of summer have begun in earnest.  Volatility has really dried up over the last several days.  Price spent the day around one DTG level, not providing any clear order flow opportunities.  Any short taken in the lower half of the DTG 98.50 level would most likely be stopped out and any short taken near the top of the level could have made most targets.  The ES and S&P 500 cash index has been in a upward trend channel since back in June which put a cap on how high price could get today.  Unfortunately, this aligned just below the next DTG level.  The ES grinded for over 2 hours near the highs of the day, but didn’t give us anything we could use to determine an order flow entry.  Thus, I don’t have a good example trade for today.  Instead I’ll post a snap of the daily channel that limited today’s upward price movement.

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