It was a day of weak and failed trade opportunities.  There was a long opportunity right off the open which but difficult to take since price turned off the front edge 42.50 level back into the S1 pivot which could have turned into resistance.  The next 56 level didn’t hold has resistance, nor did it hold as support later in the day.  All trade opportunities from that level failed.  The 62 level did provide a couple weak short opportunities which are today’s example trades.  I documented the logic in the annotated chart below. Continue reading »

Volatility really dried up today after 3 days of the repetitive pattern of selling off after the open and then trending up for much of the day.  Today the ES stayed inside the overnight range, falling short of yesterday’s close on the low side and the overnight high on the high side.  Only 1 DTG level was touched today.  Price opened in the 1360 level, grinded for a while until eventually worked it’s way down into yesterday’s POC/HVN area.  The only trade opportunity today was the pullback into the R1 pivot inside the 1360 level.  Any entry around or in that level would have  worked as price rotated to the LOD.  Today’s annotated chart is Continue reading »

Volatility was in high gear today as price easily swung back and forth 6pt+ most of the day.  The best trade opportunity of the day fell one tick short of the 38 level so I won’t make that today’s example trade.  The 51 level was pierced and the third rotation could have been shorted for small targets, but I’ll skip that potential opportunity for the 56 level opportunities.  Price bounced right off the pivot and rotated at Continue reading »

There was a long trade opportunity after the cash open from the 1354 level.  However rather than focus on that trade, I thought it would be more instructional to walk through my thought process as price made the low of the day.  I posted in chat this morning that I framed the day’s low as 46/49.  Given the momentum into the area, I was expecting a good test of 46 and with little market structure beneath; if 46 did not hold, price could reach Continue reading »