It was one of those days where the institutional order flow was not unfolding in a way to capitalize. The morning was spent watching price bounce off the DTG 47 level and then the DTG 50 level with nice price action but the order flow just wasn’t committed enough. With no significant economic reports, the expectation was for low volatility and the ES didn’t disappoint until it broke down through the DTG 47 level to the downside about 90 minutes into the cash session. Finally and maybe there would be a trade opportunity. I posted in chat “short term sentiment has shifted to down: 47 is a good area for a continuation short.” Disappointingly, the initial down trend was too strong to pullback into the 47 area. However there was still plenty of time left in the day and maybe the 47 would be retested at some point. The ES turned a point short of the DTG 42 level and bounced up to retest the DTG 47 level. Price and order flow unfolded slowly but nicely to provide today’s short opportunity.
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