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New York, NY
Experience: Intermediate
Platform: Sierra Chart
Trading: ES, NQ
Posts: 84 since Mar 2019
Thanks Given: 116
Thanks Received: 105
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Monday 4/22/19
Shop Talk
Over the weekend, we gapped down 11.5 points, but still within the previous session's range. A few minutes of a very tight auction gave way to an early move upward. Buyers took control early with a 9 point rotation up.
A
This big rotation up for the first half hour told me to bias long, but not to trade too heavily today anyway given the lack of activity from European exchanges for Easter Monday. Volume was, as anticipated, very low, and the positive delta on the lift up was about +3k.
Nevertheless, I began looking for dips to buy.
B
I missed the first touch of Mid and VWAP (s) at around 4.00, but fortunately we got another touch soon after. I took a small-size long at 4.50, targeting the existing IBH at 9.00, with a stop 2 ticks below Mid, down at 3.50. That's 1 point of risk, looking for 4+ points.
C
About 50 minutes later we finally convincingly punched through the IBH, and I took profits at 9.00, not to get too greedy on a quiet day 4R scalp. Especially with delta still close to neutral, I decided this was probably all I could squeeze out of this Monday.
D
Not much to say about this late-day action, but I just wanted to practice seeing this delta divergence. There was a small move down for about 2 points, all on rapidly increasing delta. Noted...
Thoughts
Again, I didn't expect much on this quiet Easter Monday. I updated this chart to now include half-gaps off the pClose, in addition to the pHigh/pLow (if opening out of range). I've abbreviated it as pC-HG and pHiLoHG.
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