Successful day trading of the ES is all about identifying key price levels and using those to frame hypotheses about future price behavior. When the first part of your hypothesis is validated by the price action, you execute. Look for strength and weakness at those levels. Use them to enter trades. Use them to exit trades.
As an example, the current bottom in ES is 2 ticks above Thursday`s 50% level.
Today:
1) Broke below the opening range.
2) Broke below Friday`s lows.
3) Bounced off Thursday`s highs to the tick.
4) Failed at the current 50% retracement level.
5) Broke Thursday`s highs and filled the gap.
6) Retraced and tested prior support now resistance at Thursdays`s highs.
7) Traded down to to Thursdays 50% level and bounced from there.
8) As of writing this, it seems like we are trading back up to Thursday`s highs.
Failure there or even failure to reach it may be a good short. Taking it out with conviction and finding support may be a good long.
Market internals does not make trading the ES "easier" than forex. If you believe that, be prepared to be greatly surprised in a not too distant future. You may experience paralysis by analysis. If a key level breaks, it breaks regardless of what TICK or volume have been doing up until that point.
By all means, experiment and make your own conclusions. Some find great value in the internals and some don`t. I`m one of those who dropped most of these as they made me more confused than enlightened.
If you still feel like risking cash on a strategy where you need to ask for help in a public forum about how to pull up the internals, it is fine with me, but it does not sound very smart regardless of your bank roll.
