Wednesday, January 7, 2015

January 7th ES Levels and Trade Plan

Morning Traders,

Today we will be using 08-10 as our Bull/Bear zone. If ES can break above here then we should see us reach 22.25-24.25 where buyers could step in. However we would need a god setup here to short. Next up we have 33-35 where id expect to see sellers on first test and if Bulls really took control then ES could reach 47.5-49.5 which i would expect to cap the buying on the day time frame.

If ES hold below 08-10 then we have support at 93-95 which would require a good setup on first test, then we have 88-90 where i would expect to see some buying on first test, if sellers take us through here with ease then this would confirm that they are in full control and could take us to 80-82 or even 67.25-69.25. Both of which id expect some buyers on first test, if in real time there are indication of sellers in serious control then i would expect 67.25-69.25 to cap selling. However our first idea is that we balance today with some two sided action. But be prepared, as always, to adapt to ever changing market conditions in real time.

Happy Trading.

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