The markets gapped down, and we had a nice futures play on the ES using the LPT and heading back for the gap fill to our 1875.00 magnet area. The NQ also had a nice Value Area play.
Net ticks: +17.5 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:
Triggered long at A at 1866.75, hit first target for 6 ticks, raised the stop 5 times and stopped the final piece for 31 ticks at 1884.50:
Just a reminder that we use half points for ticks on the NQ and not the quarter point measurement that the exchanges switched to in recent years. This allows us to use 6 ticks as a key target as we do on the other contracts. It also keeps the value of a tick at $10, closer to the value of a tick on the other contracts.
Note the Value Area play from A to B, perfect: