Jan 242013
 

trade_130124

Apple missed expectations and was down big overnight, initially dragging US stocks down with it.  Germany released stronger than expected economic numbers which buoyed the downward movement.  As the US cash markets opened, the bulls had some good numbers from the Jobless Claims and PMI Flash reports to keep the mornings upward momentum going.  As the S&P 500 cash index bounced off 1500, the ES traveled through the DTG 89.75 and 91 levels before finding a top in the DTG 96.75 level.  Order flow kept me from taking a trade against the up trending market.  Unfortunately, the 97 area top did not a clear order flow entry opportunity.  The ES turned down, back through the DTG 89.75 and 91 levels to retest the lows of the day.  Again, no order flow entry opportunities unfolded during the down move.  Finally in the DTG 84.50 level, price started forming a bottom pattern and the buyers came out, setting up the example trade opportunity.

Below is member only content. Not a member?  Subscribe and join the discussion!.

Click here to become a member

Sorry, the comment form is closed at this time.