The range was narrow today and we had a pre-open 50CB at the middle BOT around 8:35 AM EST. We would see this become a barrier to the bulls.
[08:46] <CM> ES targets of interest today 1516-1414.25-1512.75
At the US Open we had a break out of the short BOT that stalled at 1511. The thought here was that we were likely to see a stalling around SB +2 to 2.5 points, (1510.75-1510.25).
An early long (target listed) was taken that hit the stop out as B7-8 failed to continue the reversal into the range. Targets good, entry aggressive, the stop did it's job. Bears had one more push to settle the low of the day at B10 and was a better confirmation on the stall.
[10:10] <CM> 14.5 15.25 (upper target for price)
[10:22] <CM> no looking for a stall at sb-2 to 2.5 like b10 lod
A new long was entered for the stated targets, and additional entries were taken in the narrow range and at the bull trend line. Not an optimal day, but the range expected worked to our advantage. You have two choices: avoid the market or play what the market has to offer. We will not have 5, 10, 20 point run days every time you trade. Your tools need to include the ability to play range run days, break out days, and narrow, range bound days.
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