E-Mini S&P 500 Futures
Today's plan was to buy the pullback into the Key Support Area, and as anticipated, we got a bounce at the Overnight Support. Price consolidated at the Overnight Resistance Area, between the previous highs and Tuesday's 1st hour high. The consolidation area was a range play, but the fact that price was consolidating at the highs and remaining above the 1st hour high was a clue to expect higher prices in the afternoon. We observed some initiative buying activity above 1184.50, but it was met with Responsive Selling (or profit taking) near the highs. The Initial Resistance Area was a good place to get out Longs. I shorted 1187.75 and Covered for +3 points at 1184.75, ahead of the 1184.50 Support (1184.50 was the High of the earlier consolidation area). Another possible trade idea was to reverse the position to Long ahead of 1184.50 for a quick bounce. Whether you reverse at a Key Level or simply exit your trade for a gain depends on your trading methodology. The lack of volatility has created a very challenging trading environment, and it's even more important to remain patient and disciplined! Hope you all had an awesome day!
ES 5-Minute Chart
ES Day Session Volume Profile Chart
