Aug 192010
 

There was a short trade opportunity on the 9:46 6PnF bar but I will not post it because the LVN area was not listed in the potential short trades list.  The jobless claims number caused the ES to slice right through the 89/91.  This area was still a valid LVN area when the market opened however now it was above price and thus resistance where previously it a support area.  A second fade trade opportunity was available after the 10am EST news.  The market obviously did not like the news as it fell and paused at the 77 / 78.50 area.  Price had enough bounce for a scalp trade but continued to tumble down without a good fade trade opportunity.  Price finally stopped at the S2 pivot and the top of the 74/75 level.  Here we had a lot of trapped traders for a good long opportunity.

 Posted by at 10:28 am