Tag Archives: Inside day

ES – 9 Point Inside Day, Leaves Prominent Point of Control, Poor High and Low

es-inside-day-Market Profilepoor-high-and-low

The ES traded in a 9 point balance on the last trading day of the month, leaving a prominent point of control at 2123.50, and both a poor high and a poor low with only one tick of excess at each end.

Balance trading rules could apply on Tuesday:

  • look either above or below Monday’s balance and accelerate
  • look above or below balance and fail – returning back into the balance, targeting the opposite end
  • remain balanced

Acceptance above Monday’s high at 2127.75 could target the October 28th poor high at 2135.25. Acceptance below Monday’s low at 2118.75 could see price test the prior weekly low at 2112.50, and potentially the October low at 2007.75.

Monday’s close at 2123.00 and prominent point of control at 2123.50 (fairest price) are within two tick of each other, a breakout from either side of Monday’s range should have better odds of continuation on Tuesday if price first tests that area.

Expect volatility this week as this is a heavy news week, including the FOMC meeting announcement on Wednesday and the monthly jobs report on Friday.

The ES is one timeframing lower on the monthly chart.

(the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer

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Narrow Range, Inside Day

Narrow range, balanced inside day in the ES with price trading above and below the 2153 prior day’s late rally high and closing price in 11 of the 13 market profile periods.

inside-day-above-prior-rally-high

There was just over a 6 point total range for the day until the final minutes of the pit trading session, when price rallied from the K period pullback low (the exact half back level at the time) to take out the day’s earlier 3 TPO wide poor high by two points.

poor-high-repaired

The 11 TPO wide prominent point of control keeps 2153.25 an important reference. If price opens within range, any breakout from the inside day should have better odds of continuation if price first checks in with the wide POC. But with such a small trading range there are also good odds that price opens with a gap the next regular trading session.

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Balanced, Inside Day

balanced inside day.

Friday was a balanced, inside day trading contained mainly within the middle distribution of the previous trading session. Possible trade scenarios (barring another gap open) for the next session could be to look outside of either of balance and accelerate, or fail and return within the balance. If look outside of balance and fails the destination trade is the opposite end of the balance.

There are probably lower odds of price staying within the balance. Breaking out of balance, to either side, should have better odds of follow through if price first visits the very wide point of control from Friday at 2061.50 and reverses.

(the above post and all posts on es-traders.com is an interpretation of market generated information using the Market Profile, and the information contained within is to be used for informational purposes only and not to be construed as investment or trading advice. Please read our disclaimer

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