Tuesday, July 31, 2012

ES - 31 July, 2012 closing re-cap

My reading of today's action is that the market needed to test a supporting proportion out of the 
Friday/Monday comfort zone, in order to maintain a bullish bias into FED (Wednesday)/ECB (Thursday).

The support was found at a -23.6% virtual 38.2 standard fib retracement coinciding with a -50%fde.

Notable is the fact that the break that led to this support happened swiftly just at the cash close.

Realized P&L was €493.

I carry 2 ES long@1372.5 overnight.

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