October 9th- 6:3am EST
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
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Yesterday we held the 7663 range and rallied higher, meeting the first 2 weekly targets at 6807 and 6813. I wrote in my 12:28pm Update - Note the following: IF, you zoom out on the chart to a higher time frame and even down to a 1-hour time frame, you can clearly see that Institutions have been buying any dips below 6750-6765 and we then sold off 2x at the 6802 zone. IF, price can clear this level and hold we should have a new range between 6800 - 6850. I still think we can get one more pull back before we go higher. I am going to take the afternoon off and let price this afternoon decide what it wants to do and will look for new entry's tomorrow. IF, price does lose the 6750-56 level on any pullback, that would be bearish and a warning to the bigger/current market structure. Price really should not lose 6770-74, with 6760-63 being the very lowest, IF, price wants to continue higher.
Since the overnight session we have been building a base with the overnight low at 6794 and the high of 6812. We need to keep price above 6788 with a flush and reclaim of 6793-94 being bullish and should take us higher to the 6818, 6822+ targets.
IF, price loses 6788, we will most likely need to test 6766-70 and see if we have much liquidity left at this level.
Highest quality setups are the following:
1. Flush 6793 and reclaim for a move higher
2. Flush 6788 (maybe down to 6783) and reclaim for a move to back test the 6794 level
Key Support Levels - 6793-94, 6788, 6783, 6774, 6763, 6758, 6747, 6741, 6732, 6715, 6705
Key Resistance Levels - 6802, 6807, 6812+
IF, price rallies above 6812 (Overnight High) and then comes back into the overnight range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grabbing points. Wait for it to build a base at one of the levels outlined above.
I will post an update around 10am EST.
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Couple of things about how I color code my levels.
1. Purple shows the weekly Low
2. Red shows the current overnight session High/Low (time of post)
3. Blue shows the previous day's session Low (also other previous day's lows)
4. Yellow Levels are levels that show support and resistance levels of interest.
5. White shows the trendline from the August lows
*Before reading this trade plan, IF, you did not read yesterdays, or the Weekly Trade Plan take the time to read it first! (You can see both posts in the related publication section) *
If my posts provide quality information that has helped you with your trading journey. Feel free to boost it for others to find and learn, also!
My daily trade plan and real-time notes that I post are intended for myself to easily be able to go back and review my plan and how I did from an execution perspective.
-----------------------------------------------------------------------------------------------------------------
Yesterday we held the 7663 range and rallied higher, meeting the first 2 weekly targets at 6807 and 6813. I wrote in my 12:28pm Update - Note the following: IF, you zoom out on the chart to a higher time frame and even down to a 1-hour time frame, you can clearly see that Institutions have been buying any dips below 6750-6765 and we then sold off 2x at the 6802 zone. IF, price can clear this level and hold we should have a new range between 6800 - 6850. I still think we can get one more pull back before we go higher. I am going to take the afternoon off and let price this afternoon decide what it wants to do and will look for new entry's tomorrow. IF, price does lose the 6750-56 level on any pullback, that would be bearish and a warning to the bigger/current market structure. Price really should not lose 6770-74, with 6760-63 being the very lowest, IF, price wants to continue higher.
Since the overnight session we have been building a base with the overnight low at 6794 and the high of 6812. We need to keep price above 6788 with a flush and reclaim of 6793-94 being bullish and should take us higher to the 6818, 6822+ targets.
IF, price loses 6788, we will most likely need to test 6766-70 and see if we have much liquidity left at this level.
Highest quality setups are the following:
1. Flush 6793 and reclaim for a move higher
2. Flush 6788 (maybe down to 6783) and reclaim for a move to back test the 6794 level
Key Support Levels - 6793-94, 6788, 6783, 6774, 6763, 6758, 6747, 6741, 6732, 6715, 6705
Key Resistance Levels - 6802, 6807, 6812+
IF, price rallies above 6812 (Overnight High) and then comes back into the overnight range after the NYSE Open, and ES starts to sell off fast, DO NOT try and RUSH into grabbing points. Wait for it to build a base at one of the levels outlined above.
I will post an update around 10am EST.
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Couple of things about how I color code my levels.
1. Purple shows the weekly Low
2. Red shows the current overnight session High/Low (time of post)
3. Blue shows the previous day's session Low (also other previous day's lows)
4. Yellow Levels are levels that show support and resistance levels of interest.
5. White shows the trendline from the August lows
Note
8:30am - UpdateI took a position at 6802 with a stop at 6799 as we have been building a bullish flag pattern since the rally yesterday. This could still come down and flush 6794, but I like the price action and we have tried to clear higher 3x and we should resolve either higher or lower with still bullish IF, price holds 6793 level.
Note
9am - UpdateI moved my stop to 6802. We could pull back to 6793 before clearing the 6806 resistance. I still think 6802 is a key level that IF, price can sell off and reclaim is bullish to upside targets.
Note
9:15am - UpdateIdeally, price pulls back and we rally as indicated above. Depending on what happens with price, IF, we don't flush lower, I would wait for a reclaim of 6807. IF, price can go higher, we should target 6816, 6822. IF, price loses 6793, 6788, 6783 reclaims are next big levels to hold and reclaim to continue higher. Below 6783, I would let price find support at the 6774 level for a potential bounce.
Note
9:37am - Update - Took a position at 6803 with a stop at 6801. Price needs to rally here and hold 6802. Plan is to sell 1/2 position at 6809 and leave runner. Note
9:42am - Position was stopped out with a small loss. Sticking with the plan of price flushing 6793 and reclaim or can be patient and wait for reclaim of 6802-05 and we should continue higher. As I mentioned earlier, we need to hold 6783 on any move lower.Note
9:53am - I would wait for price to settle and reclaim 6794 to see prices higher. We should hold 6788, 6783 being the lowest. When price is selling like it is, you need to see base build that price has found buyers.Note
10:07am - I took a 3rd trade since my first trade was breakeven with the stop. I entered my last position of the day at 6785 with a stop 6783. IF, price loses 6783, I would be looking lower, but we are building a base at 6783 which was my last main level of my plan for today. I will sell 1/2 at 6792 and keep a runner with a stop at break even and move up as price moves. Note
10:21am - UpdateSmall loss today on my 2 positions. I am going to step aside for today and not try and catch a falling knife. I had my core levels that didn't hold and move higher. We could find another level below, but price needs to build a good base to move higher.
Note
4pm- UpdatePrice found a nice low at 6760 and built a base this afternoon and broke out to back test the overhead resistance at 6783. Any flush and reclaim of 6763 this evening is a good immediate spot. Price will most likely hold 6766-70 level and continue higher. 6750-56 is a key level for price to hold tomorrow. IF, we close below that level tomorrow, we may need to go all the way back down to 6729, 6705 to continue higher. IF, price loses 6756 overnight, I would wait until 6729 area as first good spot, IF, that area cannot clear 6756-58 on any back test, it may need to see 6705.
I will post my daily trade plan by 6am EST tomorrow based on the overnight price action.
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.