It was one of those days… No economic reports and not enough attention to the US budget negotiations to garner enough interest by the markets to create volatility. As I wrote in chat pre-market, I expected today to be low volatility, but I didn’t really expect only a 7pt ES range. There was only one order flow opportunity today and it wasn’t exactly a great opportunity. The trade actually lasted a couple of hours before the institutional sellers had enough and started moving the markets back down to test the day’s lows. The annotated chart below explains the trade.
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