My bias was bullish above 1099, which means caution on the short side above that level, only initiating shorts at the extremes (range extensions). When price rocketed through the initial resistance zone (1104.75-1106.50), it was a sign that the move was strong, and to definitely stay out of shorts. Price paused and rotated at the strong resistance level (1109.50), but then continued up to the range extension area and the brakes were finally put on at previous week's high. Once price moved through the resistance zone (1108.25-1109.50), resistance became support and we got two bounces off the area. Price closed above the mid-point and inside the value area.
ES 5-Minute Chart for 12/21/09 Includes Overnight Globex
Hey emini,
ReplyDeleteCan i ask what the description of the 1hr L/H range etc. you have on your charts is.
Thanks
Tony
Hi Tony,
ReplyDeleteThe "1st Hr L Range" is a 50% extension of the Initial Balance (first hour high/low). The "1st Hr 2X L Range" is a 100% extension of the IB. So in this case, the IB is 1103-1112 (9 points). The "1st Hr L Range" is 1098.50 (1103-4.50). The "1st Hr 2X L Range" is 1094 (1103-9.00).