Aug 212012

It was nice to get some volatility back in the markets.  I had posted in the chat room that I was framing the day as 22/25 high and 09/12 low.  The ES topped out at 1424.75 and put in it’s low at 1408.  The first trade opportunity of the day was a short from the DTG 23.75 level, unfortunately it did not provide many order flow or price action clues to use as an example trade.  The institutional buying was heavy, but price could not move higher than the 24.75 major resistance and eventually those buyers became trapped fueling a tumble tumbled.  Insitutional buyers did not get interested again until around the S1 pivot area in the DTG 09.50 level.  This setup our example trade opportunity.

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