Tuesday, May 12, 2015

Tuesday May 12th 2015 Levels and Trade Plan


Today ES broke out overnight, Meaning that we we are likely to head into the RTH session with gap down. Any open below 04 is bearish and we can easily close the gap down to 83.5-81.5.

With that being said, today we have out bull bear zone at 92.75-94.75. Below here ES can go on to test 81.50-83.50 where we would need a good intraday setup given the bearish context. Below here we have 67-69 and 61-63.

If ES can get above 94.75 we can run up to 09.25-11.25 where id expect to see selling on the day time frame. NOTE ES can quite easily fill the gap down from today and head on back down so be cautious long into the gap fill from today. This may be a very aggressive place to get short also depending on market conditions at the time.

On the open as stated any open below 04 we must be aggressive on shorts and cautious on long setups.

Happy Trading.

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