Update on Daily analysis

Well what a day it was today. The Euro and the ES both tanked and the Yen rose like a flying salmon. 

On my last weekly analysis, I said that I had concerns about ES as I had seen real weakness coming into the market and today this weakness showed it self.  We had an early rally in the Globex session right to the top of the throwback level on the last chart and promptly fell over 40 pts. 

I did actually short near the top of this move, but only managed to take 5 points profit from it. The reason for shorting, was that I saw distribution taking place and then an upthrust taking out stops.  So I had another badly managed trade. The low from Thursday has been taken out, and we should look for more down moves.

The Yen gapped down on last night's open and tested the low of the high volume bar before spectacularly breaking out of the basing zone with a climax breakout bar and closing above Thursday's high, which I highlighted on  my last analysis.  So this is the signal for the large up move I was expecting.

The Euro gapped up on the open and then rallied up to the throwback zone on my last analysis before basing and then took out stops, before falling like a brick.

As I said yesterday, we should have been looking for a good supply zone on the Eur/Jpy forex cross pair to short.  If we timed it with the price action on the Euro futures, then we could have had a potential 400 pip short trade.