Monday, July 30, 2012

ES - 30 July, 2012 closing re-cap

My reading of today's action starts from the cash chart of the $DJI, piercing: a) the -50%fde; and b) the upper boundary of the large descending channel.
Intra-day trading proportions, to match the larger/stronger cash multi-day resistance proportions, were developed (see chart above).

In particular, the fact that twice a -23.6%fde acted as support (at Globex and TH time), the TH one being as a reversal of a preceding TH proportion and the fact that all happens on a Monday, portrays a bullish bias, at least into FED and ECB by Wednesday/Thursday or even Friday with the Non-Farm Employment Change.

Realized P&L was €872.

Due to the day bullish bias, I carry 1 ES long@1381.5 overnight.

Update 1: Just before the EU opening, my conservative profit target (-100%fde of intra-day gyration @1385.5), on the 1ES long was reached, for a 4pts profit.

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