#ES Future 06.16.22 Daily Trade Plan with Levels

What a Globex we had! Wish I stayed up to trade it, I took one trade in at 21:30 Short at 3827 and covered at 12 when I saw we still had buyers at 3809.50 area, I did not stay for the pull back and re-entry at 3825.50-3820.25 but that was a beauty short just sold off smoothly level after level. Yday after the close I mentioned the way we closed and trapped people in RTH that most likely we will the lows again, I was hoping we will do that in RTH so I can actually catch the trade but market did what market did right, so what can expect today? Lets break it down, we now have buyers trapped over 3809.50-3805.25 Key level, buyers trapped over 3764.75-3760.50 Key level and right now we are holding under support of 3714.75-3709.75 Key Level but we have built up volume under it cheap to me shows acceptance, we still have over an hour before open but yday low is at 3723 which is by our 28.75-25.25 level which means most likely we will open on a Gap Down, our Globex inventory is very short right now so at the open we want to see if we get any correction to it towards the gap and the inability to fill the gap or get back over our Key Level of 3714.72-3709.75 will be our tell for the day. As I am writing this it seems like we are making another attempt to run the lower level of 3698.50-3695.50 so might even find ourselves even lower by the time open comes around, we have Unemployment at 8:30 to watch out for. Overall as mentioned yesterday I am expecting more downside this week, I wanted to see this level break from here I will be looking at next possible areas of support to be reached. Might be a rough day we already made a big move in Globex so RTH can be difficult to trade but we will wait and see.

- On the Downside holding below yday low and accepting under T+2 low and our Key Level of 3714.75-3709.75 can give us a push lower to 3698.50-3695.50, 3686.75-3683.75 and next Key Support of 3671.75-3665.75, with how much
supply we now have above I would expect it to be broken today and possibly test lower areas of 3655.25-3650.75, 3638.25-3634.25 where we can see some more buying and even possible for Next Key area of 3619.50-3613.25. We
have not been in this area in a long time so we have to watch how price behaves around the levels and if it breaks and accepts for continuation or not.

- On The Upside if we are to get any correction othen ideally we can hold this 3698.50-3695.50 level and try to push over 3714.75-3709.75 and try for the Gap fill around 3723.50 and from there we monitor for continuation
but I will be very cautious playing the upside today, most likely will be patient and wait for proper areas to go short. But if we do fill Gap and accept back in T+2 range then watch out,

*** Remember market is upside downside now, all the people buying yesterday are waking up not happy so it can be choppy until we deal with the order flow and can get going. Day to trade safe!

Comment:

Looks like we took in supply under 3714.75-3709.75 and now correcting to sell it above. Here is where I will be watching today in RTH if we can get and stay above Yday low or will we come back down and take T+2 low, if we take T+2 low then can see more downside from margin calls, if we cant take out T+2 low area then we wont.

Comment:

Took a short at 3727 when we failed to accept in Yday low, covered 2/4 at 12 which is my Key Level and have stop on runners at Yday low because if we get continuation I don't want to see the gap filled and T+2 low needs to be taken out. Trade is paid for so will hold for now, will try to hit the lower level targets at 3695 and last one eyeing the 3686 area or depending on order flow maybe 3671 area. But need to see the low go and get under this support.

Comment:

Took off 1 more runner at 3690, holding last one for target of 27 if it gets there. Most likely be my only trade today so will just manage it, already gave me plenty.

Comment:

Runner got stopped out at 02 after the response from 3686.75-3683.75 level. overall great trade. Will probably size down if I will enter more today.

Comment:

Sized down to 1 contracts because action was a bit slow and choppy with not ideal trade location, took 2 smaller stop outs for about 10p waiting for this trade then got in Short 3688.75 with stop at 93.75 and rode it down sold at 3659.50. +94 micro points, now is a good time to call it a day for me. Lower targets I wanted to see hit today hit, we can see even lower but this is not good trade location for me anymore.

Comment:

What a day! Downside played out almost to the last level, I thought 3619.50-3613.25 might be stretch with how far down we were already opening but that 3638.25-3634.25 was really the final target I wanted to see but we found buyers before it but still got within 4 points.. Reason I stopped trading after we broke 3671-3665 and came back in is that we were now are at an area where we have supply above and buyers below so it could had been choppy, not worth the mental capital.