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ES Wednesday 9-20-17


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Trading is about change: first sign of change would be trading below 2501.25 (cessation of daily one-time-framing higher)
There are a lot of poor structures and gaps below that need to be repaired...
Balance trading rules are in play and so far it appears to be a 'look above and fail'.
The destination would likely be the 2498.25 - 2497.75 area (the other end of the balance).

Taking above into consideration, I took a short at 2506.00 (yesterday's day high) with an initial target at 2497.75 (day low 9/18)
First sign of change: price below 2501.25 (cessation of daily one-time-framing)
As per Dalton: "Take the trade and monitor for continuation"

So as price moved against my short position, I held on to my original trade plan because I knew that:
(1) I had good trade location
(2) there was no excess after the 4th 30-min period close (poor low)
(3) the day low at 2502.50 (created during the 3rd- and 4th 30-min period) was 1 tick above the O/N low (weak low)

And in Dalton's world, a weak and poor low are a No-No.

With an exit at 2497.75 I can now breathe again...
Nice trade Aladdin. My price to short was 2503 but couldn't pull the trigger. Played some cheap ES weekly puts instead. Where can I find the Dalton literature you quoted?
Definitely. It seems a few of us were waiting for that pop lower or is it drop lower-lOL. I was set short at 2500.75 as I had 2501 as yesterday's low. 5 point target/5 point stop. Came and the register was rung.

Good analysis Aladdin!
Originally posted by trader88

Nice trade Aladdin. My price to short was 2503 but couldn't pull the trigger. Played some cheap ES weekly puts instead. Where can I find the Dalton literature you quoted?
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