+ $717
Very narrow ES range coming into the ADP report. I thought the â+40K jobsâ estimate seemed patently absurd, so I placed a sell stop below the range low, filled @ 1166.75 with real follow through for a change. I had 4 pts showing and with two lots, wouldâve taken off half, but only trading one lot, I decided to move my stop to a tick above 50% retracement of the move and see if this one could ride a while. Stopped out shortly after the open, and when price only moved a few ticks further and retraced the final up bar, I re-entered @ 1165.25 and covered @ 1162.00, having learned to take profits quickly in this narrow range trading, especially when price decently overshoots the channel line.
Shorted POTâs lower highs, starting at 9:42am, took 3 moves for .89, .79, and .82, and left a LOT of money on the table with the last trade.
Late in the day, ES appeared weak and I shorted @ 1166.00 looking for a quick breakdown to test the low, but no such luck, out @ 1164.75, and called it a day.
Considering I'm only trading ES for possible breakdown scenarios, not a bad day.