Out at 43 2/3 (average), a result of having a market if touched order at 44. Why 44? 45 (actually, 45.35) is key resistance on the 60-minute chart, and I did not want to press my luck.
Also, 44.25 would represent a 50% retracement.
ES Journal Archive (2006 - 2008)
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Out at 43 2/3 (average), a result of having a market if touched order at 44. Why 44? 45 (actually, 45.35) is key resistance on the 60-minute chart, and I did not want to press my luck.
Also, 44.25 would represent a 50% retracement.
If the close for this hour is over 45.25, that would suggest a strong close for the day, and a strong close for the day would mean that there was a successful retest of the bottom (daily chart), punctuated by a Wyckoff spring.
Buy stops went off up to 47.50, which was Friday's low. Support becomes resistance.
Didn't do it 45.25... short for the rest of the day? test support again?
Looking to sell rallies. But, remember, there is not much time left! I don't like taking day trades much past 3, because if wrong, one can really get trapped.
I will readily trade after 3 only if there is strong direction, and will even average up if I see blood in the proverbial water. But that is rare.
Didn't close over 45.25. Price is back in congestion.
If today's close = <47.5, a retest is highly likely.
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