ES K.I.S.S 5-16-18
Openings outside of range and value offer the greatest opportunity. Like yesterday.....opposite of today.Today we need to be careful of the 2707 - 2708 ( lots of confluence here)and an open there will try to get only 2711.75 up top or 2704.75 below......we have a very centered bell curve from yesterday and we also need to be aware of the 10:30 oil report ...we could just chop around so be careful. I plan to trade lighter today .....an opening at the 10 - 11.75 area needs to try for 2714 or the 2707 - 2708...ideally the the 2707 as initial targets
mechanical traders would need to try for the overnight high and yesterdays highs and the reverse to short traders need to go get that 2708 if it happens that way
so we only got one probability so far...the overnight high....we are free to trade for another ..so will it be the pivot test or yesterdays high...? Just use the OR as a filter
double the OR is 2716.50...one tic shy so far...
with a gap in the data below it is not wise to stay in here above the 2617 ultimate target of yesterdays RTH high...mechanical traders got paid too...especially with that oil report coming later
so what happened today...in hindsight it was easy....we hit the big three in terms of probabilities
1) An overnight high or low - we took the high
2) A previous days range - we took yesterdays RTH highs
3) some floor number - we took the R1
these are our top three and all we used was the break of the first minute high...
1) An overnight high or low - we took the high
2) A previous days range - we took yesterdays RTH highs
3) some floor number - we took the R1
these are our top three and all we used was the break of the first minute high...
Nice recap Bruce!
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