Tuesday, August 24, 2010
ES after hours trade
I've noticed that the ES tends to trade in a narrow range in after hours, presumably due to lack of volume. In my opinion support/resistance lines on the ES in after hours have seemed to be pretty reliable for a technical trade. Since my overall market bias is down and I'm not afraid of a sustained market bounce, I'm going to short ES here and look to scalp a few points before morning, will put a GTC in at 1050. If it breaks resistance above I will not close out for a loss but rather pucker up and keep my GTC on.
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I got extremely lucky and saw a few red bars in a row literally right after I made the trade, so I accepted this gift and took it off at 1050.75 for a quick scalp. It was a small position but going to bed short the futures wasn't going to be comfortable.
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