This morning’s mixed GDP report was interpreted positively, propelling the ES back up near yesterday’s close and touching the 08/11 high frame I set 3 hours earlier. The first trade opportunity of the day (for aggressive traders, like me) came right off the cash open. Price had bounced off the DTG 8.75 level and failed to make a new high as institutions started selling. Unfortunately this set in the opening noise did not pan out and loss as price moved to new highs. The next trade opportunity came at the back of the DTG 8.75 level as institutions once again showed selling and did not allow price to make new highs. This opportunity setup 4 to 5 minutes before the 9:55am EST Consumer Sentiment report, so it was also an aggressive short opportunity. News reports turn any trade into a coin flip; the reaction can either be positive or negative for the open position. Today, the coin flip came up heads and benefited short opportunity.
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