Somehow I totally missed the memo this morning that today was to be a day to buy… The trade data came in neutral pre-market and I thought there was nothing to give the markets any direction until new information about the US position on Syria was broadcast or the 2pm EDT Fed Beige Book was released. Shortly after the open, the bulls started buying. They became relentless, offering no significant pullbacks. On the way up, there were no clear short order flow opportunities. By lunchtime, the bulls were already working my 52.50/55.50 high frame before they began to slow down to wait on the Fed Beige Book. The book showed good economic numbers, the kind of numbers that would support QE tapering and thus I wanted an opportunity to get short. The ES had already bounced off the DTG 53.75 level and after the retest a pseudo-order flow short opportunity unfolded as explained on the annotated chart below.
|Below is member only content. Not a member? Subscribe and join the discussion!.|
Click here to become a member