ES - February 12th - Daily Trade Plan

Feb 12

February 12th - Daily Trade Plan - 8:15am

*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+. 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, if we lose it.

Key Levels Today -

1. 6955 - Flush and Reclaim
2. 6943 - Flush and Reclaim
3. 6932 - Flush and Reclaim
4. 6921 - Flush and Reclaim

We should not lose 6912 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 12

Note

8:45am - Update

We have not had price rally above the overnight high before the NYSE open in a while. When this happens, we have a high probability that price will sell off after the open. While it does not happen every time, it is something I would be paying attention to. If price clears 7006, we should head to 7042.

For me, I need price to flush a key level and then ride it higher. The 6972 gave us a great level this am and we have now cleared 6986. I will be sitting on my hands and waiting for price to come back to me. While 6955 should give us a bounce, 6933, 6921 are higher quality levels to be patient for. I will provide an update around 10am.

Feb 12

Note

3:45pm - Update

Price is coming into the 6850 heavy support. This could be a good spot for a short squeeze. If price can find a bottom and reclaim 6856 then we should see 6873, 6897, 6921+ to back test the breakdown from 6955 area. CPI tomorrow at 8:30am. We could slowly accumulate in the overnight session and rally after CPI. Trade Plan out by 6:30am EST.