ES Tuesday 5-24-16

Going to keep this brief today. Low range and an inside bar on daily yesterday. So we need to be mindful of possible trend day today or larger than expected move..two areas I will be taking shorts from are the 56- 58.50 ( last weeks VA high is up here too ) and the 61 - 62 area.....to see if I can get back to the 52..50 - 54 area...the high time from last week and Mondays highs !

I will edit this in a bit..2056 and 2038 are SITYS numbers today and yesterdays missed...

R2 is at 56 today

and last possible place for shorts will be up at 65 - 66....one SD band is up there and low time is up there from 5-16....otherwise the bulls will beat me up good today as I will not be on the longside at all this morning..if we do push out last weeks VA high then probabilities suggest multiple tpo's should print there especially if we leave single prints on that breakout

NQ is up 1.77 % at at it's R3...I have a low time price at 74 - 75 on ES hence my stop ..ledge at 69.50...we know they may torture us for that

the two key areas to watch from 5-11-16 trade...good luck from here...I made back only 1/3 of losses...not sure if I will keep trying ...only two tpo's at last weeks highs and only one at last weeks VA high...so shorts are still tempting to me

Originally posted by BruceM

I'm also buying put options as I have that probability of returning to 58 area before the week is out

What expiration do you buy Bruce and does the premium decay take a lot of profit out of the trade?