Jun 142012
 

Here is the plan:

ES RTH Plan: Yesterday I said my bias was bearish for globex and nothing has changed that. I expect a move lower today. If yday low doesn’t hold then I’m expecting continuation to the bottom of the trading range (continuation of previous hypothesis).

Levels Above: 13.25, 18.75, 19.75-21

Levels Below: 8.50-9.00, 3.50-4.25, 2.00, 99.75

If 14 holds as support, I’ll look for 19.75. If 14 holds as resistance, 3.50 and below. I want to avoid entering trades 15-17 and around 8.50.

The markets may stay in the trading range until the Greek elections Sunday. So any move has the potential to get reversed.

Simple plan today, similar to yesterday. I will focus on execution.

 

As with yesterday, the plan played out.  I took two small losses on shorts and the market showed its hand.  I then got long for the winner.

I had a win in Globex and ended up +4.0 today.

Tomorrow is options expiration.  I will be very selective in RTH and may not take any trades.  I had a great week, averaging over 5 pts/day.  So I don’t want to mess it up tomorrow.  I’m still expecting the market to stay in the trading range until Greek Elections on Sunday.  Then I expect an explosive move one way or the other.

 

 

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