Thursday, April 30, 2015

Trade Plan and Levels April 30th

Morning guys, 

Yesterday ES continued to consolidate within a balance area. The key numbers today are 00.5-02.50, and the battle that is won here may determine which way we eventually breakout. Holding above 02.50 would suggest that we can once again test up at 11-13 and if we were to short here we would need a good intraday setup. Above here ES can go on to test the ATH and then 25-27 both of which i would be cautious shorting unless we see some nice exhaustion on the day time frame. 

If ES can hold below 00.50 then we can test 88-90. With a directional move expected soon i would not be aggressive long at this zone. but i would be looking for several other confluences if i were to take a long position. This is a potentially good place to scale some shorts, holding some for a potential break out down to the 80.25-82.25 area where we could see buyers step in. Below here we have 73-75 which can also attract buyers on the day time frame. 

Remember a directional move out of this balance is a real possibility today or tomorrow so be cautious at zones around balance and potentially i will be looking to hold a portion of some trades for a bigger move. 

Happy Trading.