Good Evening Traders,
The chart above is today's five minute ES. I added the Emini Player Zones to the chart. You can get these zones at www.eminiplayer.net. I have been a subscriber to the service for about two and a half months now and I really like it. Along with the player zones, members get a daily trade plan and market analysis. For $50 bucks a month. Can't beat that!
Today's priec action was a much needed pullback. On the 60 minute chart ES had been poking above its top Bollinger band since Friday. That kind of momentum can not be sustained for ever ($600 billion QE or not)!
My trades Today were so-so. I missed the morning sell off but managed to get a good long from 1217-1219. the Initial Balance low was a great entry for short but I was waiting for price to continue higher to the VPOC, which at the time was around 1220.50. I was late on the entry with a short at 1216 and covered at 1214. I took a long at 1212.75 right at support zone and sold at 1214. I was expecting more downside but it was time to leave the screens and pick up my daughter so I missed the final swing low, but you can see it lined up well with the EminiPlayer support zone.
My personal Opinion is that the pullback is over for now. We have $160 Billion in POMO coming in just the next few weeks. The "buy the POMO days" trade has a level of complacency about it that I find astonishing. By now everyone has seen the statistics, the market has made the vast majority of its recent gains on these days. If the pull back is not over and we get another sell off tomorrow I'd expect the Gap at 1197.25 GAP to be a good target. What would be really cool is if this whole move up was just a giant fake out and the market fell back down into the 1179 balance area! That's highly improbable, but a man can dream...
Have a good night everyone and thanks for reading the blog. Click the adds please to help me out. You can follow Eminiplayer on twitter @eminiplayer and me @infectedtrader. Good luck tomorrow,
-Nate
No comments:
Post a Comment