I started today with the expectations of a quiet, range bound market. There was no major economic announcement other than the 10am EST factory orders. There was also a lot of companies reporting earnings today, but none were being spotlighted by the media. The ES had climbed back to yesterday’s high overnight based on good economic numbers from China and sentiment out of Europe. I really didn’t expect the US session to add much to the overnight move and thus focused on fading the overnight move on the first order flow opportunity. That setup in the DTG 48.50 level shortly after the cash open. Unfortunately for me, the bulls were not done and eventually broke out through the DTG 53.50 level to bounce off the DTG 05.00 level. I’m staring at the overnight and morning up trend thinking it’s run too far for no good reason and wanted to try another short at the next opportunity. That came with the bounce off the DTG 05 level after the 10am ISM Non-Mfg numbers. Ultimately over the next two hours, this trade opportunity did not work out, but nonetheless it’s today’s example trade. The best trade of the day was a short setup in the last hour off the multi-year highs which finally moved down far enough to realize profits.
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