A mixed bag with 2 winners and a loser on the Opening Range plays and then a stop out on another ES call for the gap fill. The markets gapped up and pushed higher initially, then came back and filled, and then came back up a bit for the second part of the session but without any excitement on 1.55 billion NASDAQ shares.
NOTE: I am on the road the rest of the week. However, the quarterly futures contract roll occurs Thursday going into Friday, which means that on Thursday we trade the M6 contracts still (and volume drops out of it) and on Friday you would trade the U6 contract (September) as the volume moves to that expiration. The Opening Range plays can still work in theory, but the Levels for Friday will be based on the U6 contract from Thursday, which doesn’t have much volume, so many traders stay out of the market Friday.
Net ticks: -1 ticks.
As usual, let’s start by taking a look at the ES and NQ with our market directional lines, VWAP, and Comber on the 5-minute chart from today’s session:
ES and NQ Opening and Institutional Range Plays:
ES Opening Range Play triggered long at A and worked:
NQ Opening Range Play triggered short at A (which is valid because it is into the gap even though we were long ES) and stopped, triggered long at B and worked:
ES Tradesight Institutional Range Play:
NQ Tradesight Institutional Range Play:
ES:
My call triggered short at A at 2111.75 and stopped, I did not re-enter:
