Right after the cash open, the ES dropped into the S1 pivot area at the top of the DTG 24.50 level. As price pushed past the S1, institutional buying came in. I felt certain a retest of the low would ensue but once again (seems frequent lately…) I found myself watching price climb towards the 32.50 level without a trade. Price began grinding in the 32.50 level when the Greek Prime Minister hit the airways; the ES became whippy and jetisoned up to the next DTG level, bounce right off the back edge. Again, there was no order flow reading opportunity to time an entry and I found myself watching a good selloff without a trade.
Over the next couple of hours, price climbed back to retest the double top at the high of the day. I aggressively took a trade which lost a few ticks as price eventually broke through the high of the day to the next DTG level. The DTG 41 level provided the opportunities for today’s example trade detailed in the annotated charts below.
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