October 3rd - 7:22am EST
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
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In our Daily Trade Plan yesterday, I wrote the following: "IF, price rallies above 6775 (Overnight High) and then comes back into this range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grab points. Wait for it to build a base at one of the levels outlined above."
Our first levels we were looking for opportunities at -
1. 6755 is a level that should have some liquidity to at least grab some points to the 6764 level.
2. 6744-46 could produce some points and any reclaim of 6755 would be bullish
2. 6737 is a level that could produce some points to retest the 6755 overnight low
What happened at the Open? We had rallied past the 6775 level, dipped back in and then sold off. There were some points to be had at 6755, but this happened pretty quickly and was when price was selling off pretty fast. I waited on the 6744 level. You can see my note at 11:10am on the Daily Trade Plan. Then price dipped below 6744 to 6741, squeezed and made a slow grind into the 6755 level. I said, IF, price reclaims 6755 that would be bullish. We reclaimed around 1:30pm and back tested in the overnight session at 6758 and have rallied since.
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Let's discuss today's plan!
The overnight session met another weekly target at 6788 our overnight high. The overnight low is 6758. Our immediate support is 6777, Ideally, we can get a dip down to test the 6772 level, reclaim 6777 and then rally to 6798, 6806.
Other area's we can look for points are the following:
1. 6772 test and reclaim the 6777 level to test the overnight highs and levels above.
2. 6758, flush and reclaim to take us back up the levels
3. 6737-39 flush and reclaim of 6741 to retest the levels
IF, price rallies above 6788 (Overnight High) and then comes back into this range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grab points. Wait for it to build a base at one of the levels outlined above.
Personally, I will not be chasing price at these levels and will be patiently waiting on price to come back to one of the levels outlined for an opportunity to take some points today.
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
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
------------------------------------------------------------------------------------------------------------
In our Daily Trade Plan yesterday, I wrote the following: "IF, price rallies above 6775 (Overnight High) and then comes back into this range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grab points. Wait for it to build a base at one of the levels outlined above."
Our first levels we were looking for opportunities at -
1. 6755 is a level that should have some liquidity to at least grab some points to the 6764 level.
2. 6744-46 could produce some points and any reclaim of 6755 would be bullish
2. 6737 is a level that could produce some points to retest the 6755 overnight low
What happened at the Open? We had rallied past the 6775 level, dipped back in and then sold off. There were some points to be had at 6755, but this happened pretty quickly and was when price was selling off pretty fast. I waited on the 6744 level. You can see my note at 11:10am on the Daily Trade Plan. Then price dipped below 6744 to 6741, squeezed and made a slow grind into the 6755 level. I said, IF, price reclaims 6755 that would be bullish. We reclaimed around 1:30pm and back tested in the overnight session at 6758 and have rallied since.
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Let's discuss today's plan!
The overnight session met another weekly target at 6788 our overnight high. The overnight low is 6758. Our immediate support is 6777, Ideally, we can get a dip down to test the 6772 level, reclaim 6777 and then rally to 6798, 6806.
Other area's we can look for points are the following:
1. 6772 test and reclaim the 6777 level to test the overnight highs and levels above.
2. 6758, flush and reclaim to take us back up the levels
3. 6737-39 flush and reclaim of 6741 to retest the levels
IF, price rallies above 6788 (Overnight High) and then comes back into this range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grab points. Wait for it to build a base at one of the levels outlined above.
Personally, I will not be chasing price at these levels and will be patiently waiting on price to come back to one of the levels outlined for an opportunity to take some points today.
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
Anmerkung
9am - I have a position at 6768 with a stop at 6767. Selling 1/2 at 6772 and leaving runner at breakeven. Price needs to clear 6772 to get going higher or 6758 might be the next level down for a pop higher.Anmerkung
9:32am - Sold 1/2 position and have runner with stop at 6771. Will sell runner at 6778 or will stop out at 6771 which ever comes first. Anmerkung
9:36am - Sold runner at 6778. Nice green trade from the 6768 level. Price can keep going higher, but I will sit back and wait to see IF it can pull back to either back test 6772 and reclaim 6777 to head higher or will wait for us to pull back to the 6758 level as detailed in plan. Anmerkung
9:53am - Price is coming into the overnight high around 6788. IF, we clear this level we should be able to continue up to the 6798+ levels. I would like to see a back test of 6788 to potentially long with a smaller position, since I am already in the green today. IF, we clear 6788 and then can't hold 6785-86 on a back test, we could retest the lower levels all the way down to the 6758 level. Any loss of 6772, could be a warning that we need to get liquidity below around 6758 and I would be interested in a long there and also any flush and reclaim of 6741 level. Anmerkung
10:13am - UpdatePrice back tested 6772, I took a position at 6773 and stop at 6774. We should continue higher, but if we lose 6772, then we need to look lower and I would wait for 6758 to come to you.
Anmerkung
10:26am - UpdateJust sold my position at 6786. Very good day and do not want to be greedy. I will not have any more trades for today as I have made my max 2 for the day. Price needs to clear 6788 to continue higher and 6778 is key to hold. IF, price comes back below 6778, I am not sure how much liquidity is left in 6772. I have had a great week and want to let price finishes the week and reset for Sunday evening. Price clears 6788, we should hit 6793, 6800. I will post an intraday note after lunch.
Anmerkung
1:25pm - UpdateIF, you are new to following me, then you might not understand why I take profits at each level. The reason is that ES does not go up in a straight line. Institutions hunt liquidity and will get retail traders focused on lower time frame charts to give up their liquidity to the Institutions and run stops. You only make money when you close out the trade. Hoping that this is the next big 100+pt run, will cause you to lose money. Always take profits at each level, never force any trades. Pick your spots you want to see price action show up on your entry strategy and never take more than 2 trades per day! IF, you are not putting your own daily trade plan together. You will not be able to be long term profitable. You might catch some moves off of the levels I post. You have do the work and screentime to feel comfortable that you understand why each level is important and how to manage risk and make $$.
Have a great weekend! Weekly & Daily Plan for Monday will be up Sunday!
Anmerkung
1:55pm - When price is selling like this, DO NOT try and pick a bottom. Be disciplined. The reclaim of 6763 would be bullish to head higher. 6741 loss and reclaim is next best level.6725 with a reclaim of 6732 could be a good spot for some points and really needs to hold. 6705 should also be a good level to try for a move higher. Outside of those levels, everything else is chop and you can lose very quickly trying to pick a bottom at each level. NO FOMO!
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Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.