Apr 092013


Another light news day with only the retail reports and wholesale inventories to provide some volatility.  There’s an underlying uncertainty over N. Korea, but nothing of significance hit the wires today.  Price stayed camped out under the all-time highs below ES 1568, setting the stage for a potential break and grind higher after the cash open.  However, price dropped through the DTG 59 level to bounce in front of the pivot point.  The ES next climbed back through the VWAP and into the DTG 59 level.  My thought was price was going to retest the all-time highs once it got through the VWAP and the institutional buyers were supporting that idea.  As I was looking for a long opportunity, price unfolded in the DTG 59 level as a short opportunity.  My long bias didn’t allow me to see it and I missed the only clean order flow opportunity of the day.  I was hoping for another opportunity, but none ever unfolded so today’s example trade opportunity was the missed opportunity.

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