Job report tomorrow

By Lawrence

Almost 30 minutes into trading, tick indices showing signs of directional run to the up side for ES and NQ.

So as long as S1 holds, gap fill to the upside first.

Notice the previous day low is breached right after open, and bounced fiercely up, that is a sign of w. spring against the previous day low. Short would be extremely hard to profit from the trade because even at a retest of previous day low, it can still act as support.

There are much better short setups to take over this one.

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Comments
  • Lawrence Chan August 5, 2010 at 10:35 am

    PP tagged.

    Multiple layers of support right below – ORL, PDR 50%, etc.

    Gap not filled yet.

  • Lawrence Chan August 5, 2010 at 10:50 am

    1-2-3 sell from PP. Failed to hold ORL. Tick indices new low for the day.
    Pointing to a retest of previous day low now.

  • Lawrence Chan August 5, 2010 at 12:29 pm

    As noted originally, the PDL acted as support.