I was bound and determined not to miss the first trade opportunity this morning as missing the first turn of the day has become a frequent event the last few days. The ES double topped at the DTG 46.75 level and I didn’t hesitate to take a short entry. My hypothesis was that price would close the gap to yesterday’s close before trying to move higher. The trade looked was good for small targets but ultimately price never closed the gap, turned and pushed through the level.
The DTG 50.50 level held price most of the morning but never provided a large enough rotattion to recognize any targets. Utimately the level failed and price broke above 53 to the DTG 56.25 level. I posted in chat early this morning that I was framing the high of the day as 55.75/58.75. This was a ‘must try to trade’ area for me, but unfortunately it provided no good order flow information that I can use it as the example trade. The high frame did hold and the ES rotated all the way back down to it’s previous area of strong support: 50/51. This setup the example trade opportunity.
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