Traders,
I hope you all had a great trading day.
OK day, catching a solid EOD long after 2 small Ls.
Let’s start with a recap, followed by a detailed plan with levels.
Session Recap (ES).
As per the daily plan, 5327-5334 was our pivot. Globex opened on a major gap up – above our 5327-5334 pivot. We tried an overnight short and only took a few points on partial size as the market was a bit stagnant. As for RTH, ES essentially immediately completed the weekly value area traverse up to 5492 as we talked about in the daily plan, which turned us off to taking any longs intraday. As a result, it was also difficult to short as ES was above the OVN high after the gap up. We mentioned this in the telegram intraday our dilemma of picking a direction for the session. We waited for ES to give us more MGI (Market Generated Information) and did not take any trades until power hour. We took a long which we cut for a loss, a short which we cut for a very small loss then caught a solid 25 point long off of 5290. Did not make much coin but did not have a bad day which is always a gift.
Spooz closed for business at 5399.
Market Structure.