ES - February 11th - Daily Trade Plan

Feb 11

February 11th - Daily Trade Plan - 7am

*Before reading this trade plan, if you did not read yesterday's take the time to read it first! (You can view the posts in the related publication section) *

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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.

** NOTE - If you trade before I write out my daily trade plan. You can look at the prior days chart and 9/10 the levels already pre-planned out are still being respected. **
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Overnight High is 6986 and the Overnight Low is 6955. We are in a tight range between 7006-6955. We have started to make lower lows, lower highs. Above 6986 and we should attempt to clear 7006 and rally to 7042+. 6973 is the immediate resistance. We have lost the 6955 level and reclaimed 1x overnight. We could do this a few more times today, before moving up or down. 6973 is the immediate level reclaim that should produce points into the Overnight High.

Key Levels Today -

1. 6955 - Flush and Reclaim
2. 6943 - Flush and Reclaim
3. 6932 - Flush and Reclaim
4. 6921 - Flush and Reclaim (Highest Quality)

We should not lose 6943 if we are going to continue higher out of this bull flag.

I will post an update around 10am EST.
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Purple = A Weekly Low (Current or Previous Week)
Blue = A previous day low (Day before or day in the past week)
Red - Overnight Session High/Low (Prior to my post)
White = Key Support/Resistance Levels

Feb 11

Note

8:38am - Update

Price built a nice base/flag from the 6955 low into the 6973 resistance. If you were able to get into a position below 6970 you were rewarded nicely with this massive move. When price runs like this, you have to wait for a pull back. 6986 will be a level to look for a pull back and entry. I was able to get into a position at 6967 and got a bit lucky with this massive move. I just sold 3/4 of my position at 6986 and have a runner with a stop at 6975. When price rallies like this prior to the open, I am always cautious after the NYSE open. If you did not get in, you need to be patient and just wait for price to build its next base to move higher. 6986 back test should be the first opportunity to take price higher. Personally, I would need to see a flush and reclaim of 6975 or 6955. If we now lose 6955, we could flush lower.

Feb 11

Note

9:14am - Update

If price can clear 7006 we should head to 7019, 7037-42. We have now tested the 7006 resistance 2x since yesterday. My general lean is that we flush down at the open, scare retail, then rally and the next time we attempt to clear 7006, we should head higher. I will be looking to enter if price can clear 7006. Reclaim of 6986 is a potential level after the open.