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Published 3/2/16 9:32 am central – Notification of entry and potential first profit target level
Traders,
We were able to get short this ES market following this morning’s level @ 1972.50. We challenged the 1968.00 level I mentioned this morning as the true line in the sand for shorts to break. That held with us making a low @ 1968.25.
The EIA Report just released and is showing a build, BEARISH . We are starting to challenge the lows again @ 1968.25.
If we break this level I would consider partial profits. I would look to adjust risk to breakeven levels if it holds.
Published 3/2/16 9:44 am central – Chart of Trade showing profit taking and NEW LEVELS
Traders,
Here is the updated chart highlighting the short position. Even with the negative crude report we moved lower but not with much urgency. I think the overall bulls are comfortable and holding strong. Here is an update of the short position and the offset just below the 1968 level I pointed out. This is a partial exit if you are a multi lot trader. Put remaining risk at breakeven. I do think we could see some shorts squeezed up and a move higher this session so don’t be afraid to take profits. It is also good emotionally to not to just sit in a market that is chopping.
We did get updated levels with a buy zone @ 1976 and the sell zone @ 1969, which we are near and or below. The buy zone if hit could put some pressure on shorts and push us back above 1980.00 consider that zone for a day trade.
30 Min Chart highlighting position: (click for larger image)
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