Notice to room, check.
DING! Pre open hunting season is now open.
7-7-11 TF & ES:
We were expecting a better July, certainly better than the June markets. The ranges were in place early and the room notified. The ranges were narrow today and a BO was expected, and it had potential to be a very nice run.
By the time the US Markets opened, the day was nearly over. In the webinar we again discussed the value of trading with the markets, and playing the BOT BO.
click to enlarge
ES followed with the other markets and broke the LBOT for a long entry. Two flags and a 50CB range dictated the balance of the day.
The general flag rule is to play the close of the BO bar. After the flags, the 50CB range and a EMA+ provide reasons to long and hold, certainly until the +10ML ( plus 10 points from the market low).
TF trading provided a similar look, with individuals taking the LBOT BO, and the flag BO. We discussed the nice gap in PA to the EMA which was very bullish, and suggested hold long positions.
Overall, a very nice look before the market rth. We like the story the market tells.
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