Globex Boundaries in Index Futures Play …
One of the first things I do when preparing for Index Futures trade ahead of the regular session open, is draw in the evening sessions upper and lower price limits (the Globex high and low). Then I look for where the pre-market price action ‘is’ and where ‘it’s been’ and see IF I can determine a trend bias.
In today’s pre-market evaluation the Globex price action was contained roughly by the Key Level Pivot (1213.92) and the Globex Low that had been challenged early in the session at (1208).
Soon after the bell the market bias turned recognizably lower, so the first order of play was to see if the ‘tested’ Globex Level would breakdown for a short. It did giving us our first ES Index Futures Short play for the morning with a nice profit following Tradesight management guidelines.
It pays to plot the Globex boundaries and use them as any other Key Level especially when they work in combination with other Key Levels…
