Rather than pick a single example trade today, I thought it would be better to point out the plethera of opportunities. It was like being in a batting cage where the pitches kept coming… Depending on entry prices, the size of model targets and trade management, not all counter-trend opportunities were winning trades but all were significantly in the money.
The non-farm payroll and unemployment numbers kicked off the morning by missing estimates which started the markets into a down trend. Price dropped into where I framed the day’s low (46.50 to 49.50) in the first half hour of trading. The area held strong most of the morning and provided a couple rotations, but ultimately price needed one more level down to form the day’s low. On this mornings worksheet, I marked the DTG 42.50 level as “2nd chance to hold the day’s low if market becomes news driven”. The ES did open lower than I expected and ultimately the DTG 42.50 level became the level to hold the day.
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