Trade Plan for 12/04
The weekly post for SPY 0.00%↑ and QQQ 0.00%↑ should be reviewed prior to this. Link to The Week Ahead
Be sure you have read the Trading Doggy Style Starter Kit. I will be adding to this over time, likely first focusing on example executions. Trading Doggy Style Starter Kit
We indeed saw a continuation of the intraday dispersion/rotation as QQQ 0.00%↑ once again outperformed IWM 0.00%↑ and DIA 0.00%↑ and the range on SPY 0.00%↑ remained tight.
Today we were monitoring for either a look below and fail of yesterday’s VAL (6056) or yesterday’s low (6049.75) for a long. Today provided an excellent long opportunity given the initial balance (first 60 minute range) low sat just below yesterday’s low (6048.75). This offered two different long opportunities that worked quite well. At 10:53 a passive buyer was spotted, and he turned on the aggression just a couple minutes later to trigger the LBAF of the IB low and yesterday’s low.
There is quite a bit of data tomorrow along with JPOW so perhaps that can change things but so far ES has done nothing but slowly work up the levels from the free weekly video.