Monday, 27 August 2012

Picked My Spot

Again, planning a trade before the open pays. I saw the ES overnight was nearly UNCH but firmish. I looked for a rejection of lows off the VAL of the last distribution I split off Friday's DAX action.

As you can see from the pic, it happened. Had price been accepted below VAL, I had a no man's land until the VAH of the 08/24 distribution where I would again look for rejection of that area or an acceptance into the VA where I could trade.

I use these same ideas on many markets I trade eg ES. Currencies are a more complex due to the hours they trade.

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