Sunday, February 21, 2010

Friday 02/19/2010 - E-Mini S&P 500 Futures Review/Analysis

E-Mini S&P 500 Futures Review/Analysis
I was anticipating Responsive Buyers to push price back up, which worked out very well on Friday. The breakout above the IB High around 10:10-10:15 AM (cst) was a clue that Buyers were in control, and the S&P could tag a higher area of Resistance. I avoided the Short side until price reached the Range Extension area, and then initiated a Short at 1110.00. As I've mentioned before on the blog, I view all price action as information. When price slices right through an area marked as "Strong Resistance" -- that is a Key piece of information and is indicative of strength. That Key piece of information kept me from shorting too early. Any information that keeps me out of bad trades, is just as valuable as information that gets me into the good ones.

ES 5-Minute Chart for 02/19/10

ES 30-Min Volume Profile Chart for 02/19/10

ES Day Session Volume Profile Chart for 02/19/10

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