ES and YM Trading

D

downrivertrader

Here's where I have the YM for today.

12835 - Long target

12750 - Cover on a move and settle above and go long

I am short at 12675.

12420 - Current short target. I will watch carefully for a reversal out of this level. Could be a very strong move up.



ES

1542 - Current long target (Obviously this may get broken down into smaller bites)

1388.75 - Use as a pivot. Cover on a move up and reverse to long.

I am short at 1388.75

1354.50 - My current target. Watch carefully for a powerful move back up through recent tops.
 
Based on the price action this morning, I am going to cover both trades and stand aside until 3:30 or so.

Covered the ES at 1365. Up 22.75 points.

Covered the YM at 12550. Up 125 points.


I will frequently sit out the afternoon session until the 3:30 time frame to make sure the direction is still good. Not always. Today I have the 10 year notes hitting a key level and I am short at 117'05.5.
 
Downside target was hit overnight at 1354.50 on the ES. Unfortunately, I was flat and asleep. Figures.

YM has made a low 12450 so far.


I would watch carefully for a strong move up out of the 1350 area on the ES. It is certainly critical. I am betting that we may see a big upside move out of here today. Maybe we will LEAP up.

I would like to see the YM hit 12420 before before deciding, but as happens so often it may just folow the ES lead.

Here is what I am watching heading into Feb 29 morining.

ES

1388.75 - Upside Target 2

1367.25 - Upside Target 1

1354.50 - Critical watching to set longs out of here if poss.

1335.25 - Downside Target 1 (Look for reversal)

1328.25 - Downside Target 2


YM

12750 - Upside Target 2

12572 - Upside Target 1

12420 - Critical watching to set longs out of here if poss.

12223 - Downside Target 1 (Look for reversal)
 
I just set longs on both the ES and the YM. Just as this is a good place for longs, it also is pivotal to further downside so it is a very aggressive trade.



ES - 1351 - Upside targets above. Need to move back up through 1354.50 to get going up.

YM - 12450 - Positioned ahead of 12420 target.
 
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