While today started similarly to July 27th’s “Gap and Collapse,” today we’re seeing a rally off support instead of a violent, vicious engulfing session.
Let’s update our levels and plans for the day.
Here’s today’s updated Emini (@ES) trading levels for your trades:
While we had a bullish gap up, the bears took their swipe as price returned within a very short-term Fibonacci Grid.
Our intraday low is the 61.8% Fibonacci Retracement of the July 27th swing.
We’re monitoring the mini-Fib range between 2,466 and 2,472 and the bullish breakout swing above it or bearish breakdown back toward 2,462 at least.
As today plays out, focus on these levels and the ping-pong play between them.
If you’re new to this style of simple level trading, welcome aboard and keep checking back or get more details beyond just the @ES (stock scans, money flow, education) by becoming a member!
Follow along with members of the Afraid to Trade Premium Membership for real-time updates and additional trade planning.
Corey Rosenbloom, CMT
Follow Corey on Twitter: http://twitter.com/afraidtotrade