Jul 122010

As expected, the ES was not very volatile this morning.  Our first level at 71.75/72.25 did not hold and price moved to our next level at 75 / 76.50.  Price bounced right off the 77.25 R1 pivot right above our marked rejection level.  After a rotation down, price rotated back up and failed short of the 77.25 high and right at the top of our rejection area.  To mix things up a little bit, I thought I would show today’s trade on an 8 PnF chart.  An 8 PnF chart reduces noise of the lower 6 and 4 PnF charts.  It’s great for capturing intraday swings as can be seen on the chart below.

 Posted by at 12:33 pm

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