Update on ES

Well, the day did not go as I had forecasted yesterday.  I was expecting a down day, but this thing keeps going up on petrol fumes.  You know what they say - 'trade what you see, not what you feel'.  I need to adhere to that cliché.

The FOMC minutes came out earlier than expected.  It came out before the open of the NYSE, so we did not get the basing for several hours we normally do.  Once we had the open, price broke up on high volume and above the supply zone I have had on my charts for the last week.  Once we had seen this, and we knew that as the FOMC was already known, then price would continue up and to look for buying opportunities on the smaller charts.  I use the 4 range, 1500 tick and 10K volume charts for my ES intraday entries and all of these gave good entries after the break above the supply zone.  See attached charts.

I was trying to trade Gold and as I had started late, I missed the better supply zone trades in a down day.  I had a couple of opportunities later on, but as price had fallen so far, I did not think it would fall any more and I was looking for a reverse which never materialised.  'Trade what you see, not what you feel'.  So no trades today.  Pity I did not hold on to that trade I made late yesterday, as I would have got the top of a near $40 down move.

I like to trade CL on a Wednesday because of the Oil inventories report, but I was getting conflicting messages from it, and it looked too choppy, so I passed on it.  Pity, as there was a very good long set up later and price moved up around 70 ticks after that.

Here are the ES charts from today showing the long opportunities after the climax break above the supply zone from last week, and the one created today on the FOMC minutes at 09:00 ET (14:00 BST).