Homework for March 19, 2012
Please note that this is my homework and I AM NOT AN EXPERIENCED TRADER. This is just to discuss ideas in order to help formulate a plan and to participate in the community.
Today's Profile
Previous RTH 3/16 OAOR with OS 98.75 to 1400.25. Non-trend day as IB High 1400.25 and IB Low 1395.50 not broken and VPOC at 1399. Upper node and previous close from 3/15 RTH at 1396 was tested and rejected. Closing swing dropped 2 points 1999.75-1997.75.
Long Term Composite/Micro
ES has been in an uptrend and broke out of the 1370.50 micro on Tuesday starting 4 consecutive up days. The composite is thin between 1396 and 1402. Still thin but heavier between 1402 and 1408. A little bit thicker above to 1425. Micro VPOC at 1392.25.
Template Day
Range between 1396.75 and 1407.
Economic Events
Housing Market Index at 10et.
Thoughts
I'm looking for a pullback to 1396-1397 and if this does not hold then a slower push down to 1392.25 Preve RTH VPOC/Micro VPOC and 1391.25 CLVN. Extended below would be 1389.50, 1384.50 and 1380.If this stays above 1400 I could see ES going to 1407-1409 where it might slow down. Extended up beyond is 1415.
The template day has a range between 1396 and 1407 which fits nicely with levels today.
Hypothesis, may change after GLOBEX
1) Looking to see how it reacts at 1396 for a possible rejection from above since comp so thin. Looking to get long here depending on context. 1396 was rejected. How I traded: Missed this trade for 2 reasons: Don't like to trade right at the open, looking for clues first. (if I see more notes like this I will change). Getting kids ready for school and could not focus.
2) If no rejection at 1396 looking for possibly tag of Thursday VPOC 1392.5 and 1391.25 CLVN.This could take time as comp heavier volume. Looking to get long here.
3) Looking to short the 1407-1409 area depending on the strength of the move up. 1408 was the high of the day. How I traded: got short at first touch of 1407.50, then market stalled. I felt it was building value and taking too much time. I got out of the trade. ES dropped to 1402.75.
Once again this is just for me to formulate a plan, so I am not surprised when ES hits certain levels and I can act as needed.
Today's Profile
Previous RTH 3/16 OAOR with OS 98.75 to 1400.25. Non-trend day as IB High 1400.25 and IB Low 1395.50 not broken and VPOC at 1399. Upper node and previous close from 3/15 RTH at 1396 was tested and rejected. Closing swing dropped 2 points 1999.75-1997.75.
Long Term Composite/Micro
ES has been in an uptrend and broke out of the 1370.50 micro on Tuesday starting 4 consecutive up days. The composite is thin between 1396 and 1402. Still thin but heavier between 1402 and 1408. A little bit thicker above to 1425. Micro VPOC at 1392.25.
Template Day
Range between 1396.75 and 1407.
Economic Events
Housing Market Index at 10et.
Thoughts
I'm looking for a pullback to 1396-1397 and if this does not hold then a slower push down to 1392.25 Preve RTH VPOC/Micro VPOC and 1391.25 CLVN. Extended below would be 1389.50, 1384.50 and 1380.If this stays above 1400 I could see ES going to 1407-1409 where it might slow down. Extended up beyond is 1415.
The template day has a range between 1396 and 1407 which fits nicely with levels today.
Hypothesis, may change after GLOBEX
1) Looking to see how it reacts at 1396 for a possible rejection from above since comp so thin. Looking to get long here depending on context. 1396 was rejected. How I traded: Missed this trade for 2 reasons: Don't like to trade right at the open, looking for clues first. (if I see more notes like this I will change). Getting kids ready for school and could not focus.
2) If no rejection at 1396 looking for possibly tag of Thursday VPOC 1392.5 and 1391.25 CLVN.This could take time as comp heavier volume. Looking to get long here.
3) Looking to short the 1407-1409 area depending on the strength of the move up. 1408 was the high of the day. How I traded: got short at first touch of 1407.50, then market stalled. I felt it was building value and taking too much time. I got out of the trade. ES dropped to 1402.75.
Once again this is just for me to formulate a plan, so I am not surprised when ES hits certain levels and I can act as needed.