Market Analysis and Trades for 4/28
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The market was rather quiet today, but the trade setups were super clean. It was a “one and done” kind of day as it often is in a persistent uptrend.
The planned A+ trade was a hold or look below and fail of 7177-7182 on ES. It played out overnight as a LBAF (low of night 7171.5) resolving to the weekly 7206-7211 level (7208.5 overnight high) pretty early in the overnight session. This then triggered a pullback which held the 7177-7182 level 3 times including today’s low at 7177. This also produced a LBAF of the IB low which only improved the setup, and it resolved back to the 7206-7211 weekly level (7211.25 high of day).
NQ was a similar trade but played out in the opposite manner as it held the key level overnight, and then saw a LBAF during cash hours. It maintained some relative weakness after its selloff from the overnight high. This gave the overnight trade a lot more range (and frankly would have been much easier to hold) as it rallied nearly 200 handles in a straight line.
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