Below you will find the trade recap of the first of two E-mini S&P Trades released in the Market Dimensions Advisory today 1/12/16. This trade was a short entry position in the March ES this morning. We sold the March ES @ 1927.00 with a short term target @ 1915.00, which was eventually hit during the session.
New Entry Update: published 1/12/16 @ 8:52 am central:
We are seeing bullish trade coming into the market from the overnight and carry through the opening. We had a bullish MDA SnapShot on the 30 min this early morning that is holding. With us up over 20pts already on the session and slowly grinding higher, I am anticipating some type of sell off or retracement this session before we go higher or get new levels on the 30 Min MDA SnapShot chart.
On the 60 min chart, you can see we are approaching the longer term resistance on the chart below. As well we are seeing that we are approaching the 240 min and 60 min resistance on the Market Action Scanner, with us still under the weekly and daily bottom boxes.
Below you will see the potential setup for a momentum short if we fail to hold these new highs above 1940.25
MDA SnapShot 60 Min Chart: New Entry
Market Action Scanner: ES – Confirmation of Short
Position Exit: This update was released for clients to update risk or look to take off the position. At the time of the email, the profit was +6.00 or +$300 pts before fees. Those who held the trade were rewarded as our 1914.00 target was hit, but for newsletter purposes, we offset this trade.
Published 9:54 am central time 1/12/16
We were filled on our short ES position and went in our favor several points. We have since then retraced a bit against us and now we are trading slightly in our favor.
I am suggesting to scratch out of this trade at this level as I just have a feeling we could make a move higher if we get back to 1931.00
MDA SnapShot 60 Min Chart:
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