Nov 022012
All eyes were on the employment numbers this morning and surprise, surprise… they blew away expectations. The ES climbed about 8 points into the cash open and stalled at my high frame of 31.50. I have to admit that I thought the market would move higher and order flow did not give me a clue that price was going to move down. I missed the bandwagon and a short from the high of the day. The DTG 23.50 level was a good area to jump on the uptrend and that’s what I did as institutions defended yesterday’s close price. The opportunity looked good for a while, but ultimately the day would turn into a down trend day and fading any DTG level would result in a loss.
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