Nothing like a little monetary policy change to spark trends in the global markets. The ECB held a press conference at 8:30am EST, announcing new plans to purchase bonds to sovereign countries who ask for it and agree to their fiscal policy terms. This information was actually leaked overnight which fueled a nice ES rally during the Globex session. The initial market reaction to the ECB press conference was muted, but once the cash market opened, price broke up and has been climbing about 20 points in about an hour.
With the news fueled move up, the goal was to find a trend continuation opportunity to get long. The ES soon obliged with a nice pullback into the VWAP after bouncing off the R3 pivot. This is today’s example trade opportunity.
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