ES PRE MARKET THOUGHTSThis a sample of how I do my market preparation. The night before I form a hypothesis of how I will approach the day if the market gaps up or gaps down. Preparing the night before takes out all the emotion and once I see the morning gaps I then refer to my plan for the day.
White Lines show the Price Levels I will be paying attention to tomorrow along with the Highs and lows of the day and pivots:
Trend and Trades I May Consider
Trend: Still leaning Long off support until a break of the ES low. NQ still in its channel.
Gap Fill or Gap and Go: Will look for Gap Fill on a down gap above the LOW. For an up gap looking for a possible fill with an open below the R1 pivot on the ES or YM...would pass on NQ. Must fade off resistance and could be tricky. A gap below the lows on all three may consider a gap and go short at the open if the lows of yesterday are considered resistance and not support.
Long: looking for false breakdowns off support levels.Will consider a 15 or 30 minute BO with a modest down gap or up gap with the goal to retest the highs if the indexes are working as one. Would need all three index's in agreement to attempt a BO over the R1 pivot with a strong gap ... would lean towards the NQ.
Short: Possible 15 or 30 minute Breakdown with a weak gap up or modest gap down and gap fill. Goal the lows of yesterday. Will consider Fades short at yesterday's highs.