Aug 082013


The ES continued climbing overnight after the Jobless Claims report into the the strong DTG 95.75 level.  I hoped for a sign from the institutions that they were selling and unfortunately could not read into one.  The ES dropped through it’s trend, closed it’s gap and turned downright bearish.  By 10:30, it was testing the DTG 84.50 level which was also the top of my low frame for the day.  After making another solid attempt to break lower, be institutions started buying and the ES started to look like it was bottoming.  Today’s example trade is a little different than most since the opportunity cannot be seen clearly on the chart.  The decisive buying activity happened on the long up bar and is explained in the annotated chart below.

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