ES - September 24th - Daily Trade PlanBefore 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)
My trade plan is out later this am due to some family commitments. I will not be highlighting yesterdays, so please read it and review the real-time notes that I posted during the day.
September 24th - 7:30am EST
Overnight session high is 6728 and low is 6711. We have been moving up the levels in a very slow structured way since finding a low yesterday around 6701. Ideally, price will either continue to grind up and retest the 6741-44 area of where we sold off from, or we will need to retest overnight low or yesterday's low to flush and reclaim and move higher to back test the 6741-44 area.
Key Support Levels - 6721, 6715, 6711, 6701
Key Resistance Levels - 6728, 6733, 6741, 6744, 6754
We are in a bit of a holding pattern, unless you have a low time frame entry strategy for a scalp. I personally do not see much to get excited about as price slowly moves higher into some key resistance levels. IF, price loses 6715 and can't reclaim it, then we will probably head lower to retest yesterday's lows. Since I DO NOT SHORT ES, I won't have any good quality setups until we get a pullback. I will be patient and wait for a flush and reclaim of 6711, but 6701 or 6697 would be a much higher quality area.
Make sure you look at yesterday's sell off and plan. I wrote at "1:40pm - I would let price build a base. It could be here at 6710, 6705 or down at 6696. Give it time to build a base with a move lower like this. NO RUSH." We found structure at 6701 and it took us over 2hrs to build a base and chopped everyone around inside that tight 15pt range.
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.
