ES Wednesday 7-2-14

Short bias for me on this higher trade above settlement this morning...key areas are 63.50 - 65.25, 57.50 - 60.....above is 71 - 73.25 ......those are major areas and the other babble is on the video....hoping RTH opens above O/N midpoint to be more aggressive on shorts but will probably initiate shorts in O/N before RTH opens near 68 in order to get back to close at 65.75 in O/N session...I will add up to 1970 if needed in O/N if needed but keep it small overall until RTH opens.....basically I want to be short above O/N midpoint !!

coming out at 65.75..all out as this is O/N and we got lucky....now I think I have only two plans for RTH

1) plan A is we open and drop to 63.50 - 65.50 BEFORE the O/N midpoint hits ....so we look for longs and get out just before midpoint

2) Plan B is we open and take out O/N midpoint and higher before we trade back to 63.50 - 65.50 zone....so we look for shorts above O/N midpoint

we are setting open to open inside the VA from YD so it is best to try and trade as close to the VA edges as possible...and it is my opinion that in general it is safer to keep buys a bit smaller today because if we get into those low tpo areas under 63.75 then we could possibly move quickly down to the 60 area and lower if we are wrong on our read for the O/N midpoint test...also keep in mind we can see responses at the close so best to try and take something off there if you initiate from low enough prices to make it worth it......so we have things in the way of getting back to that O/N midpoint.........don't be a pig on core contracts !!

could be a noisey open since it seems to be right near the close of YD ...

on the 65 long and hating it ...

coming out at 67 .25 and loving it !

nice one Bruce

Originally posted by BruceM

coming out at 67 .25 and loving it !

long was filled at 65.25 ..just an FYI..only holding two contracts to see if I can get to 68.75 and then ledge from YD afternoon but most likely we may chop back and forth in here and they will be stopped

revising next target to 68.25 print ..

coming all out at 68.25 ...don't trust the vpoc flip up here and holding for O/N high and low probabilities can really suck sometimes

the open minute had it's low at YD closing VWAP if you want to through that into the mix

WOW,
maybe we really have seen the range for the day.

Have a great 4 day weekend.