Wednesday, July 25, 2012
ES - 25 July, 2012 pre-opening set-up
I am now long 2, avg price 1328 and have a long bias for the day, if the 1319.75 previous low is not breached.
I see the potential for this move to reach and trespass the previous high@1376, as in a ascending diagonal triangle, with overlapping waves.
Short-term, for intra-day trading, I see that the matrix of fib levels emanating from the two pivot points currently validated (1321.25, current low and 1339.25, low on FED testimony day), gives 1343.5 as relevant resistance. If reached, I plan to take profit on both my 2 longs there and revert to intra-day scalping until that level is cleared, to resume the long bias, or until a new set-up is evident.