The raw numbers don’t show it, but the trade that I said to go big size on in the Lab was the ES OR short, which worked. It lined up with the Value Area and was into the gap, so it was the higher probability trade. The markets gapped up and sold off, closing at lows. Perhaps the turn is finally coming. NASDAQ volume closed at 1.8 billion shares.
Net ticks: –13.5 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 but shouldn’t have been taken under the rules because we were short the NQ and this wasn’t into the gap, and then triggered short at B and did work (this was the trade I took for big size per my comments in the Lab because it was into the gap and the NASDAQ side was weak):
NQ Opening Range Play triggered short at A and didn’t work, triggered long at B and didn’t work, didn’t love either setup without a gap, used the midpoint as the stop:
ES Tradesight Institutional Range Play:
NQ Tradesight Institutional Range Play: