07/20/2012 Example Trade

It was slim pickins for trade opportunities on this options expiration Friday.  The ES dropped into the DTG 62 level early, setting up a potential pre-market trade opportunity.  After the cash open, price retested the overnight low and S2 pivot areas around the DTG 62 level, but price had been grinding for so long, any entry was a coin flip as to which way price would breakout of the level.  Price ended up grinding in the DTG 62 level until lunchtime.  Small target profits were available but no more.  Price finally broke down to the front edge of the next DTG level, but no real trading opportunities were available.  The price level recap chart in the post above tells the story for today.