Thursday, November 10, 2011

ES - Trade Plan & 5-min Chart for 11/10/2011

Trade Plan from
ES found Responsive Buyers at the 1219.75 Support in the overnight session. The break above the 1233.50-1235.50 Resistance led to a test of yesterday's VPOC at 1244.75. Heading into the day session, the expectation is for Responsive Sellers to be active on tests of Resistance, and Sellers remain in Control below the 1257-1259 Bull/Bear Area. The expectation is for Responsive Sellers to push ES back into yesterday's range -- that will be the real test of Responsive Buyers. ES could still setup for testing 1257 if we see aggressive Buyers enter the market at the Support Zones below -- 1257 is still a valid upside target, but we'll likely head lower before we head higher. Use the Opening Range and the 1248.50-1249 Micro Bull/Bear Area to establish immediate bias. Anything but an Open Drive to the upside will provide edge on the Short side up here. ES will need to break and hold below 1240 in order to gain some momentum on the downside.

Today's 5-minute Chart with Support/Resistance Zones

Link to full size chart

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