Jul 212010
 

Very busy day, sorry for the late post.  The ES sold off early and made it’s push into our first 79.25 / 80.25, then crashed through and started rotating under our level.  Around 11:15am, the ES finally reached the 74.50 / 76.50 area.  The second rotation down provided a good long opportunity.    I used a 4 PnF chart for this today’s snapshot, but the chart timeframe really does not matter.  A 4 PnF can get you into a trade earlier (which is not always a good thing) and can force you to exit earlier.  This was the case today.  Price hit the target at  77 but the contracts were not filled.  At this point, a conservative trader might move the stop to BE+1 to make sure the trade does not lose.  A more aggressive trader would hold for the target or stop to be taken out.

 Posted by at 3:20 pm

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