<i>"I was short bonds, so my ES position was small"</i> Heck, the ZB rolled '16 ticks from break to lows for ya. Nice $500 per contract range in that swing. If it weren't for eminis, I'd happily trade the bonds myself. Excellent filter or "tell", too. * I missed the entire move up, watched 100-lot ER blocks flow by from 717 and should have acted. Oh well... we never hit them all. Short 726 on the R1 failure with a bar-break entry signal. Covered on a trail at 722. Short again at 720 break of layered support and trailed out at 717. Both trades went considerably lower after my exit. Covered too soon, ceste la vie ER 714 is the floor from yesterday's R3 magnet and this morning's globex & pit session lows. If it holds, sideways to higher into the close. If it breaks, shorts are good to pivot or lower. 2pm turn and especially final hour could be something to behold. We'll see
We're due for a .50 - .618 retrace, and this perceived measured move appears to be a double zig-zag not having found a bottom to retrace its B wave. A break on the B will catch some stops now. To the pivot in ER, and a gap close and test of today's low in ES seems a good afternoon play.
Wednesday Trades in ES Found the market a little choppy in the past hour plus I got invited to see Batman Hugs Susana
I actually prefer bonds. More bang for the buck, and tends to pick a direction and stick to it. Problem is you only get a few decent moves per day. They are usually very early as well. Miss a move, and then you may be done for the day. I personally concentrate on bonds until ES has been open about 15 min, and then shift my emphasis to ES. So I get about 90 min to aim for a good bond move before stocks really go anywhere.
If it's of interest: my NQ trades from today (traded only half the day...) no surprise: AHG thread was the catalyst to my trading...