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IB Trading Currency Futures

  #38 (permalink)

Market Wizard
Portland, OR
Trading Experience: None
Massive l's Avatar
Posts: 1,803 since Mar 2011
Thanks: 1,321 given, 3,076 received

I've been trading /TF but decided to do some analysis for /ES.

If I were to trade /ES I would be looking at 1295 and 1302 for longs and 1326 (maybe 1323) and 1330 for shorts.

I would like to see price drift lower over night for an advantageous long position with a target at
balance (1314) and another possible target of 1323.

Another scenario is if price goes up overnight, I would look for advantageous shorts at 1314 or 1318.

Last scenario I'm looking at is price falling overnight and then continuing to fall during the New York session
in which case I would be looking for a breach of 1300 for entry and a target of 1290.

Looking at the daily chart, we had a bearish effort to fall on Monday. We had some short stopping action on Tuesday and
then some long stopping action on Wednesday. Then today we had some rotation back and forth over balance.
During the /ES Friday open for Tokyo/Sydney I noticed some minor stopping action at 4pm PDT (1hr chart) which
is usually absorption. Now of course volume is very low and price is hanging out until the London Open.

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