The ES opened today and quickly dropped into and through the DTG 16.75 level. Order flow on the move through the bottom of the level was showing strong buying, so I took a chance with a long entry. Price then went into a grind waiting on the 10am EST housing numbers. At this point, my position was a coin flip; the news/trade would either be in my favor or it would not. Turns out the housing number was a significant miss which caused me to pull the plug on the trade.
The DTG 12 level was touched after the news but did not provide a good order flow opportunity to take a trade. Price rotated up where it could not go higher than 16.75 after 3 or 4 attempt. The next rotation down back into the DTG 12 level is our example trade for today detailed on the annotated chart below.
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