That depends on how the gap develops by 9:30 ...
If we open above the previous day high at 60, it can be a run away gap and the likelihood of a good gap fill play will not be possible.
ES Journal Archive (2006 - 2008)
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That depends on how the gap develops by 9:30 ...
If we open above the previous day high at 60, it can be a run away gap and the likelihood of a good gap fill play will not be possible.
Interesting development with the higher timeframes ...
4-hour has developed into a higher low with momentum confirming that.
130-min RTH momentum can turn up as long as the gap is not filled more than 50% by noon.
So last 2 trading days are bear traps afterall?
4-hour has developed into a higher low with momentum confirming that.
130-min RTH momentum can turn up as long as the gap is not filled more than 50% by noon.
So last 2 trading days are bear traps afterall?
Most of the time there is little action and a narrow range before 2 pm. IF there is a trend, that tends to be continued after the announcement (and the usual up and downs). I think this happened the last time when we had an uptrend...
I would guess an at least 50% gapclose. It is just too big, for not trying to close it at least halfway...
The overnight gap should probably be faded on this one.
I would be short @ 1259.00, with a stop @ 1263.00, looking at support to come in at 1252-1250 area.
This is a papertrade for Journal purposes.
S1 defended 57.25
S2 in play 65.50
Runaway gap as expected
S2 in play 65.50
Runaway gap as expected
The rest of the day will be less predictable as we are running out of resistance levels for ES to run up to, except the S3 at 71
The backdrop of a double bottom with neck line at 60-61 could prove to be very important support level if ES has to propel higher.
The backdrop of a double bottom with neck line at 60-61 could prove to be very important support level if ES has to propel higher.
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