Jun 052012
 

Here’s the plan tweeted pre-market:

ES US RTH Plan: Overnight saw the Asian session up with the European session down. Overall the globex session is slightly below the close. News statements out of europe have made the market jumpy.

I have 77.75 as a key level and we have held below that. Next is 60.25. Those are the major levels.

Big picture the trend is down so I want to play more on the short side unless I see some real strength on the buy side in which case i’ll look to buy pullbacks. I expect sellers at overhead resistance levels until proven otherwise.

Key areas for me above: 77.75, 79.25, 82.50, 86-87, 93.50.

Key areas below: 70.25, 64-65.75, 60.25

I will only trade the first hour and when this is the case, as it often is lately, I am more conservative because I know I’ll likely only have one trade.

 

I didn’t get a pullback after the breakout.  There was one at 75 but I didn’t want to short with 77.75 just above because first scale would have had to have been around 2 pts.  I like to get 3-4.  So I passed.  It would have worked but it’s still the right decision.

The pullback came after I had to leave and would have worked.  There was a lower low that may have shaken out some longs, but both pullback lows had buy signals triggered, so even if one stopped out on the first, they could have re-entered on the second.

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