Jul 072010

It was a very long morning…  I could not have been more wrong in my initial directional bias.  But as a trader, one must adapt however the market ultimately moves.  Our first potential short area of 27.50 / 28.75 was reached rather quickly and was ignored by the market as it moved up to 29.75.  I knew this would be a tricky area  The ES came back down and settled into range for a good 20 minutes before rocketing into the next resistance area of 31.25 / 32.25.  No short trading opportunities developed before the ES again headed north into the large 1035 HVN volume cluster and into our 37.25 / 38.75 resistance area.  Once again, no short setup and the ES continued to rocket up.  The market pushed through the R1 pivot and fell just short of our 42.25 / 44.50 area.  After a rotation down, a short big lots setup.  This was not a clear big lots because the market did not quite reach our resistance zone, however because the ES exhausted close to the zone and it turned right on the R1 pivot, the short setup was worth the risk.

 Posted by at 12:34 pm

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