Notes for Overnight Session (posted Thursday evening)
The existing S/R Zones are in-play. We have Support at 1295.75-1297.75. Buyers are in Control and I expect ES to hold above that area heading into the Employment report.
Trade Plan for Friday 2/4
The Non-Farm Payroll/Employment Report resulted in a new yearly high at 1308.50, which was sold into on the first attempt. I'll be watching the 1303.25-1303.75 Area to determine which side is in Control. That Area can be used as a micro Bull/Bear Line in Sand; Buyers are in Control above and Sellers could take control below. The current high of year (regular trading hours) is 1306, and Buyers are in Control on a break and hold above that Level. I'll be watching the open to get an idea on how aggressive the Buyers are up here. With the high of year at 1306, the risk is well defined on Shorts -- I will not be aggressive on the Short side on a break and hold above 1306 because the next significant Resistance Zone is up at 1314.50-1316.50. I anticipate the upside to be capped there. Focus will be on the Short side only if ES has trouble holding above 1305.75-1306, or breaks below 1303, and then has trouble at Resistance. We're near the recent highs with Buyers in Control.
Non-Farm Payroll/Employment Report at 7:30 AM (CT) and Monster Employment Index.
5-min Chart with the EMiniPlayer S/R Zones
My views on trading the E-Mini S&P 500 Futures utilizing Price Action, Market Structure, Volume/Market Profile and the Auction Market Process. Visit www.EMiniPlayer.net for Daily Key Support/Resistance Zones, Trade Plan and Educational Recaps.
Friday, February 4, 2011
E-Mini S&P 500 Futures Trade Plan for Friday 2/4/11
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Hi, could you please post your real account trade based on your plan as well? thanks!ReplyDelete
Hi Jerry, the trade setups are discussed in the Review/Analysis post on the Premium site at http://www.eminiplayer.net -- that content is for members only.ReplyDelete
Even the trade plan is for members, but I thought I would try sharing it here after the Close to see if it helps others get an idea on how I view the market. I'm just trying it out to see how it goes.