ES - September 23rd - Daily Trade Plan

23 set

September 23rd - Daily Trade Plan

8:40am

Overnight session high is 6754 and low is 6744. We have been building a base to move higher to the 6760, 6764 and potentially 6776 levels. Since we have been basing in a tight range, I would like to see either a rally to the targets, then a failed breakout that produces a level loss of 6745 and pulls back to the 6733, 6725 or 6718 level, flushes and reclaims and then continues higher.

Key Support Levels - 6745, 6733, 6725, 6718, 6712, 6696,
Key Resistance Levels - 6754, 6756, 6760, 6764, 6776

IF, price does clear the overnight high before losing the low, then trades at the open back inside the range, we need to be patient and wait for a good level reclaim of 6745 or one of the levels lower.

I know that price can continue to rally higher, but I would not be chasing. Make sure to take profits at each level above. I could see us get to 6764 and possibly pullback.

I will post an update around 10am EST.
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Couple of things about how I color code my levels.
1. Purple shows the weekly Low
2. Red shows the current overnight session High/Low (time of post)
3. Blue shows the previous day's session Low (also other previous day's lows)
4. Yellow Levels are levels that show support and resistance levels of interest.
5. White shows the trendline from the August lows.

23 set

Nota

10:10am - Update
Price has been rangebound all evening since 12:45pm yesterday. We have tested 6744 3x since then and IF, we test again, we might get one more bounce, but my lean is we most likely lose it and I will be looking for 6729 and reclaim the 6733 area as my first big target for a flush and reclaim. Next level after that is 6725 with a flush and reclaim or 6712, reclaim 6718. IF, price can clear 6756, we will most likely head to target levels above first before retesting the 6744 level. Trump is speaking at UN and anything can happen with price in the next hour. Definitely do not chase and do not try to pick a bottom. Be patient and let price action tell you what it wants to do.

23 set

Nota

11:48am - We are heading into the lunch-time lower volume time and have lost the 6745 overnight low. We should back test this area and then continue lower. IF, price does reclaim 6745-47, we could continue up the levels. My lean is that we need to test the 6729-6733 level as the first level I will be watching for reaction. IF, we do reclaim 6747 level, then we should move higher. IF, price starts to pick up some momentum lower, be careful as we could get a short squeeze from the levels outlined in my plan starting with the white levels being the key ones to flush and recover higher.

23 set

Nota

12:22pm - I bought a position at 6733 and will sell at 6738 and leave runner with a stop at 6734. I think we could back test 67444 and will potentially come back down and retest the 6733 level before potentially moving lower. IF, price reclaims 6745 then we should keep going higher.

23 set

Nota

12:30pm - Runner stopped out at 6734. Got a quick 5pts. When price has sold off, it typically takes time for price to build a base and continue higher. We could start to build a base here and holding the 6732 low, IF, we lose it we will most likely try another bounce at 6725 with 6718-20 being the better level for a flush and reclaim.

23 set

Nota

1:!5pm - A reclaim of 6734, should keep us moving higher. IF, it cant clear 6738, we will probably try 6725 next level down.

23 set

Nota

1:40pm - I would let price build a base. It could be here at 6710, 6705 or down at 6696. Give it time to build a base with a move lower like this. NO RUSH.

23 set

Nota

2:35pm - Update

Price has built a healthy base and I entered into a position at 6704 with a stop at 6707.50. Let's see if we can clear 6716-18. We may back test 6708 one more time. Below 6708 and we might go lower.

23 set

Nota

2:50pm - I stopped out at 6707.50 and I am done for the day. I think we can keep going higher in the last hour. Need to hold 6702. Above 6716 and we keep going up levels.

23 set

Nota

3:20pm - IF, we lose 6702, we could get a nice Failed Breakdown of 6696 or 6687 at the open tonight's session. I will try and post an update but won't be able to be at my desk until after 7pm. I will send out the trade plan this evening when I get a chance. You're looking for a flush of a level in blue or the reclaim of 6716 to move higher.

7 giorni fa

Nota

6:50pm - Price gapped up at open and closed the gap and held 6716. Price should continue higher here into the evening session. IF, price can't hold 6715, we will need to retest lower levels. I will post the daily trade plan for tomorrow around 6am EST. That way we can see overnight price action.