Yesterday, we followed the trade plan, and the levels were very well respected. You can find this under August 19th Daily Trade Plan - Also link to the right under related publications.
August 20th - Trade Plan - 5:35am EST
Overnight session high was 6438.25 and the low was 6408.75. This 30 pt zone has been consolidating overnight and we need price to flush the overnight low and reclaim or we need to clear the 6438.25 level, back test and then enter for a move to 6454 as first resistance level to take profits.
IF, we cannot flush and reclaim 6408, the next levels we are looking for price to react at are in yellow below, with a reclaim of the 6408 level being bullish. I like 6391 as best next level to flush and reclaim for a back test of 6408 and potentially move up the levels. IF, price is selling off and we do not reclaim 6391, 6369, 6350, 6333 are other key levels to look for price to flush and reclaim the next immediate level above price at that time.
I will post an update at 10am EST based on the NYSE open.
August 20th - Trade Plan - 5:35am EST
Overnight session high was 6438.25 and the low was 6408.75. This 30 pt zone has been consolidating overnight and we need price to flush the overnight low and reclaim or we need to clear the 6438.25 level, back test and then enter for a move to 6454 as first resistance level to take profits.
IF, we cannot flush and reclaim 6408, the next levels we are looking for price to react at are in yellow below, with a reclaim of the 6408 level being bullish. I like 6391 as best next level to flush and reclaim for a back test of 6408 and potentially move up the levels. IF, price is selling off and we do not reclaim 6391, 6369, 6350, 6333 are other key levels to look for price to flush and reclaim the next immediate level above price at that time.
I will post an update at 10am EST based on the NYSE open.
Ghi chú
10am EST - Price flushed the overnight low and we are trying to build some structure between 6383-6392. I mentioned above that 6391 is the best next to flush and reclaim. No need to rush in. I use a lower time frame to confirm acceptance and that price wants to hold this level. When ES sells off like it has, there is no reason to jump in at a level. Let it build a base and enter once price has formed structure to build from. Ghi chú
10:25am - Price could not hold the 6383 level, flushed and is getting bought at the 6370 level, which was my next level to watch. We should go back and at least re-test 6375 and IF, 6370 holds and clears 6386 we should continue up and back test the 6408 level we lost overnight. That could take time today for that to happen. I will enter long IF, price comes back to 6375 area and my lower time frame entry triggers. Ghi chú
11:35am- That was a fun short squeeze! We bottomed at 6362.75, reclaimed the 6368 level and took off. We are now coming into the 6400 level and have not pulled back. That is the very definition of a short squeeze. I think we can still back test 6408, but this afternoon from 2pm-4pm will really determine if this move is sustainable or if we need to retest the lows, before moving higher or continuation lower. Big picture we can't really reclaim a bullish structure until we reclaim the 6430 level which is where we sold off from. I would be cautious long until we get a pull back with some structure. 
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